農家の投資行動

DOI Web Site 被引用文献2件

書誌事項

タイトル別名
  • Dynamic Model of Investment Behavior of Farms: An Application of Optimal Control Theory
  • 農家の投資行動--動学的投資関数による接近
  • ノウカ ノ トウシ コウドウ ドウガクテキ トウシ カンスウ ニ ヨル セッキ
  • 動学的投資関数による接近

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抄録

<p>　Conventional studies making an issue of the efficiency of accumulated capital equipment have been disregarding the producer's decision on investment expenditure.　The purpose of this paper is to explicitly incorporate dynamic optimization and thereby assess the adjustment process of capital formation of farms.　To test the impact of inflation on investment behavior, the user cost of capital including the term of capital gain (or loss) and real interest rate become significant variables.　According to an econometric analysis, an increase in machinery investment in the middle of the 1970s can be explained by an acceleration of adjustment process and a large divergency between actual and optimal capital stock.　Since 1980, however, owing to an increase in real interest rate and in user cost of capital, net investment expenditure has been cooling off.<br>　The other character of the dynamic model adopted in this paper makes it possible to incorporate the Marshallian framework ; that is, it takes account of the difference among the short, intermediate and long-run price, and output elasticities.　As for the price elasticity, the result of analysis supports the Le Chatelier's principle.　And it was also made clear that the larger-size farms adopt the capital-intensive technology in the long run.</p>

収録刊行物

  • 農業経済研究

    農業経済研究 62 (3), 166-176, 1990-12-25

    日本農業経済学会

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