Two approaches, a flexible accelerator model and a stochastic coefficients alternative, are used to estimate the structure of aggregate agricultural investment. Structural estimates of the adjustment rates for each model are similar. The stochastic coefficients model, however, performs better in...

Developing implicit rental rates for capital inputs is an Important step in understanding the Impact of tax law changes on agricultural investments This article develops a methodology for estimating implicit rental rates and presents annual estimates of rental rates for seven categories of farm...

Stochastic coefficients models can provide accurate agricultural secto forecasts and useful policy analysis Coefficient variation may occur for many reasons including aggregating over micro units, omitting variable, using an incorrect functional form, and allowing for a dynamic economic theory...

In this final article of our three-part series, we demonstrate why stochastic coefficients models are well suited to predict future variables We analyze the forecasting problem and consider various criteria of prediction If a forecaster must choose one from among several coherent predictors,...

Many econometric analyses include dependent variables constrained to the interval between zero and 1 Under such conditions, simple regression procedures break down Several alternative stochastic models which avoid this problem can be defined depending on the assumed error structure Two...

A dynamic system of cost-share equations for agricultural inputs is used to test for the presence of input disequilibrium. This dynamic system incorporates a disequilibrium adjustment process into input-share equations derived from a translog cost function. The disequilibrium process is...