Capital adjustment patterns on Dutch pig farms
研究荷兰养猪场投资行为，发现调整成本对建筑物投资重要但对机械投资不重要，使用广义矩方法估计欧拉方程。
This paper develops a generalised adjustment cost framework that explicitly accounts for zero investments on Dutch pig farms. A farm-specific flexible adjustment cost function is used to account for differences in adjustment costs between farms. Using the Generalised Method of Moments the Euler equations for investment in buildings and machinery are estimated on a panel of specialised Dutch pig farms. It is found that adjustment costs are an important determinant in investment for buildings but not for machinery.