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Testing Asset Fixity for U.S. Agriculture

Robert G. Chambers and Utpal Vasavada

American Journal of Agricultural Economics, 1983, vol. 65, issue 4, 761-769

Abstract: The asset fixity hypothesis is formulated in terms of a putty-clay technology. Statistical tests for asset fixity based on an estimated cost function are performed. All forms of fixity considered are rejected statistically. Estimated cost function parameters are used to investigate substitution and technical change in U.S. agriculture. Inputs are generally substitutes and technical change is cost reducing. Implications for the investigation of agricultural investment are discussed.

Date: 1983
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