Investment under uncertainty and dynamic adjustment in the Finnish pork industry

American Journal of Agricultural Economics

Volumn 82, Issue 4, 2000, Pages 956-967

  Pietola, Kyösti S ^a   Myers, Robert J ^b  

^a FINNISH FOREST RESEARCH INSTITUTE   (Finland)

^b MICHIGAN STATE UNIVERSITY   (United States)

Author keywords

Dynamic duality; Finnish hog industry; Structural adjustment; Uncertainty

Indexed keywords

FOOD INDUSTRY; INVESTMENT; PIG; STRUCTURAL ADJUSTMENT;

FINLAND;

SUS SCROFA;

EID: 0033662958     PISSN: 00029092     EISSN: None     Source Type: Journal    
DOI: 10.1111/0002-9092.00094     Document Type: Article

References (14)

1. Abel, A.B., and J.C. Eberly. "A Unified Model of Investment Under Uncertainty." Amer. Econ. Rev. 84(December 1994):1369-84.
2. Agricultural Economics Research Institute. Results of Bookkeeping Farms in 1995. Research Report 220, AERI, Helsinki, Finland: 1997.
3. Arrow, K.J. "Optimal Capital Policy with Irreversible Investment." Value Capital and Growth, (Papers in Honor of Sir John Hicks). J.N. Wolfe, ed., pp. 1-19. Edinburgh: Edinburgh University Press, 1968.
4. Caballero, R.J. "On the Sign of the Investment-Uncertainty Relationship." Amer. Econ. Rev. 81 (March 1991):279-88.
5. Chang, C.C., and S.E. Stefanou. "Specification and Estimation of Asymmetric Adjustment Rates for Quasi-Fixed Factors of Production." J. Econ. Dyn. and Control. 12(March 1988): 145-151.
6. Chavas, J.P. "Production and Investment Decisions Under Sunk Cost and Temporal Uncertainty." Amer. J. Agr. Econ. 76(February 1994): 114-27.
7. Danmarks Statistik. Agricultural Statistics 1995. Denmark, 1996.
8. Dixit, A.K., and R. Pindyck. Investment Under Uncertainty. Princeton NJ: Princeton University Press, 1994.
9. Epstein, L.G. "Duality Theory and Functional Forms for Dynamic Factor Demands." Rev. Econ. Stud. 8(January 1981):81-95.
10. Epstein, L.G., and M. Denny. "The Multivariate Flexible Accelerator Model: Its Empirical Restrictions and an Application to US Manufacturing." Econometrica 51(May 1983): 647-73.
11. Fernandez-Cornejo, J., C.M. Gempesaw, J.G. Elterich, and S.E. Stefanou. "Dynamic Measures of Scope and Scale Economies: An Application to German Agriculture." Amer. J. Agr. Econ. 74(May 1992):329-42.
12. Hamermesh D.S. Labor Demand. Princeton NJ: Princeton University Press, 1993.
13. Hamilton, J.D. Time Series Analysis. Princeton NJ: Princeton University Press, 1994.
14. Howard, W.H., and C.R. Shumway. "Dynamic Adjustment in the US Dairy Industry." Amer. J. Agr. Econ. 70(November 1988):837-47.