A Test of Asset Fixity in Southeastern U.S. Agriculture

Timothy G. Taylor and Nicholas Kalaitzandonakes

Journal of Agricultural and Applied Economics, 1990, vol. 22, issue 1, 105-112

Abstract: A test for static equilibrium developed by Schankerman and Nadiri is used to evaluate the hypothesis that land and capital in aggregate south-eastern U.S. agriculture behave as fixed inputs. Empirical results reject the hypothesis that these two inputs are at their long-run equilibrium levels implied by observed prices. Thus, some degree of asset fixity may be concluded.

Date: 1990
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