Farmers' Investment Behavior: An Empirical Assessment of Two Specifications of Expectations
利用荷兰奶牛场面板数据，比较静态预期与理性预期两种假设下的资本投资模型，发现静态预期模型拟合更好，而理性预期模型结果与理论不一致。
Abstract The capital investment decision is modeled and two different assumptions about expectations are compared and tested using panel data for Dutch dairy farms. The utilization of panel data allowed to account for the possibility that the intercept in the function for capital varies over the farms. The models are estimated using the generalized method of moments (GMM) for dynamic panel data. The model based on static expectations fits the data well. The results obtained from the rational expectations model are not consistent with the theory.