NET INVESTMENT IN AGRICULTURAL TRACTORS

D. N. Cooper

Journal of Agricultural Economics, 1994, vol. 45, issue 3, 339-350

Abstract: This essay considers investment in agricultural tractors in the UK, and examines and compares econometric models of investment. A net investment series is calculated from quality‐adjusted gross investment figures, showing limited negative net investment over time but with substantial variability. Four time‐series modelling techniques are compared as representations of the demand for tractors over the period 1964 to 1990; these are the accelerator (clay‐clay), neo‐classical (putty‐putty), expectations augmented neo‐classical (putty‐clay) and ad hoc models. Model results support the use of an expectations augmented, neo‐classical model of net investment in a partial adjustment framework. Future expectations of agricultural policy are considered as a major influence on investment, an aspect that backwards‐looking expectations models only partially represent.

Date: 1994
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://doi.org/10.1111/j.1477-9552.1994.tb00408.x

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:jageco:v:45:y:1994:i:3:p:339-350

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0021-857X

Access Statistics for this article

Journal of Agricultural Economics is currently edited by David Harvey

More articles in Journal of Agricultural Economics from Wiley Blackwell
Bibliographic data for series maintained by Wiley Content Delivery ().