TESTING DYNAMIC MODELS OF THE FARM FIRM

Marinos E. Tsigas and Thomas Hertel

Western Journal of Agricultural Economics, 1989, vol. 14, issue 01, 10

Abstract: In this paper two models of dynamic firm behavior are fitted to a data set developed from business records of Indiana dairy farms. The parametric restrictions implied by a cost-of-adjustment model are rejected. A less restrictive, disequilibrium model is accepted; this is a model of partial and interrelated adjustment among inputs and outputs. The results suggest that adjustment in quasi-fixed inputs is slow affecting the adjustment in variable inputs and outputs.

Keywords: Agricultural Finance; Livestock Production/Industries (search for similar items in EconPapers)
Date: 1989
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:wjagec:32465

DOI: 10.22004/ag.econ.32465

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