Investment in U.S. Agriculture
利用动态对偶理论，估计了美国农业的动态投资需求和产出供给方程，发现劳动力、资本服务和土地呈现准固定性，而中间材料为可变要素，拒绝了单变量灵活加速器假说。
Abstract Resource adjustment problems in U.S. agriculture are motivated against the background of the farm problem. The adjustment cost hypothesis is invoked to specify and estimate consistently a system of dynamic investment demand and output supply equations by utilizing recent advances in dynamic duality theory. The investment demand equations assume the form of a multivariate flexible accelerator. Results indicate that labor, capital services, and land exhibited quasi‐fixity while intermediate materials were a variable factor. This can be construed as a form of asset fixity within aggregate U.S. agriculture. The univariate flexible accelerator hypothesis is rejected.