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Agricultural arbitrage, adjustment c...

Tack, Jesse Brian.

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Agricultural arbitrage, adjustment costs, and the intensive margin.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Agricultural arbitrage, adjustment costs, and the intensive margin./
作者:	Tack, Jesse Brian.
面頁冊數:	103 p.
附註:	Source: Dissertation Abstracts International, Volume: 71-06, Section: A, page: 2158.
Contained By:	Dissertation Abstracts International71-06A.
標題:	Economics, General. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3411061
ISBN:	9781124035734

Agricultural arbitrage, adjustment costs, and the intensive margin.
Tack, Jesse Brian.

Agricultural arbitrage, adjustment costs, and the intensive margin. - 103 p.

Source: Dissertation Abstracts International, Volume: 71-06, Section: A, page: 2158.

Thesis (Ph.D.)--University of California, Berkeley, 2009.

Farmland and capital are an important and rapidly expanding component of the agricultural economy, end empirical evidence suggests that these assets are quasi-fixed in that adjustment costs are incurred when holdings are altered. Increased interest in the rate of return for investing in farmland suggests that an important consideration is the effect of adjustment costs on this return. A novel theoretical model is developed that ties together contributions from the farmland pricing and adjustment cost literatures, and the first order conditions for a utility maximizing decision maker are rearranged into intertemporal arbitrage equations that are similar in spirit to traditional finance models. The common assumptions that land and capital are quasi-fixed assets, and that production is characterized by constant returns to scale are tested and the evidence supports these assumptions. An empirical application of the arbitrage equations provides evidence that risk aversion and adjustment costs are jointly significant components of agricultural production, and that adjustment costs generate significant changes in the rate of return to farmland. The results have important policy implications as sluggish supply response due to quasi-fixity can lead to dramitically inflated commidity prices, and an accurate measure of the farmland return can help determine how far the extensive margin will expand or contract in response to a variety of policy scenarios, such as the subsidization of corn for ethanol, an increase in the variety of subsidized crop insurance products, or the introduction of new revenue support programs such as ACRE.

ISBN: 9781124035734Subjects--Topical Terms:

1017424
Economics, General.

Agricultural arbitrage, adjustment costs, and the intensive margin.
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