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Empirical investigation of investment behaviour in Australia's pastoral region*

Empirical investigation of investment behaviour in Australia's pastoral region* Optimal intertemporal investment behaviour of Australian pastoralists is modelled using panel data for the period 1979–1993. Results indicate that quasi‐fixity of inputs of labour, capital, sheep numbers and cattle numbers is characteristic of production in the pastoral region. It takes about two years for labour, four years for capital and a little over two years for both sheep numbers and cattle numbers to adjust towards long‐run optimal levels. Results also indicate that, after accounting for adjustment costs, own‐price product supply and input demand responses are inelastic in both the short and long run. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Australian Journal of Agricultural Resource Economics Wiley

Empirical investigation of investment behaviour in Australia's pastoral region*

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References (76)

Publisher
Wiley
Copyright
Copyright © 2005 Wiley Subscription Services, Inc., A Wiley Company
ISSN
1364-985X
eISSN
1467-8489
DOI
10.1111/j.1467-8489.2005.00277.x
Publisher site
See Article on Publisher Site

Abstract

Optimal intertemporal investment behaviour of Australian pastoralists is modelled using panel data for the period 1979–1993. Results indicate that quasi‐fixity of inputs of labour, capital, sheep numbers and cattle numbers is characteristic of production in the pastoral region. It takes about two years for labour, four years for capital and a little over two years for both sheep numbers and cattle numbers to adjust towards long‐run optimal levels. Results also indicate that, after accounting for adjustment costs, own‐price product supply and input demand responses are inelastic in both the short and long run.

Journal

The Australian Journal of Agricultural Resource EconomicsWiley

Published: Mar 1, 2005

Keywords: ; ;

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