Dynamic Factor Demands for Aggregate Southeastern United States Agriculture

Timothy Taylor · Michael J. Monson

48 citations0/0 files storedJournal of Agricultural and Applied Economics

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Agricultural economics and policies Economics of Agriculture and Food Markets Agricultural Economics and Practices

Abstract

Abstract A four equation input demand system for aggregate Southeastern United States agriculture consistent with dynamic optimizing behavior is specified and estimated. Labor and materials are considered as variable inputs while land and capital are treated as quasi-fixed inputs. It is found that the adjustment rates for capital and land differ considerably and are interdependent. Further, the data appear consistent with the existence of an aggregate production technology and the hypothesized optimizing behavior.

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References

1976Exact and superlative index numbers 1967Optimal Investment Policy and the Flexible Accelerator 1977Estimating Agricultural Supply Response with the Nerlove Model: A Survey 1969Interrelated Factor Demand Functions 1969On Rational Entrepreneurial Behaviour and the Demand for Investment 1981Duality Theory and Functional Forms for Dynamic Factor Demands 1983The Multivariate Flexible Accelerator Model: Its Empirical Restrictions and an Application to U.S. Manufacturing 1973Generalized Costs of Adjustment and Dynamic Factor Demand Theory

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1993Learning-by-doing and the sources of productivity growth: A dynamic model with application to U.S. agriculture 1997Asymmetric Adjustment of Dynamic Factors at the Firm Level 2001Chapter 1 Production and supply 1990An Adjustment‐Cost Rationalization of Asset Fixity Theory 2007Estimating Investment Rigidity within a Threshold Regression Framework: The Case of U.S. Hog Production Sector

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