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A Test of Asset Fixity in Southeastern U.S. Agriculture
Published online by Cambridge University Press: 09 September 2016
Abstract
A test for static equilibrium developed by Schankerman and Nadiri is used to evaluate the hypothesis that land and capital in aggregate south-eastern U.S. agriculture behave as fixed inputs. Empirical results reject the hypothesis that these two inputs are at their long-run equilibrium levels implied by observed prices. Thus, some degree of asset fixity may be concluded.
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- Copyright © Southern Agricultural Economics Association 1990