Net Investment in Farm Tractors: An Econometric Analysis
构建了考虑资本结构、容量折旧和所得税的拖拉机隐含租赁价格指标，比较不同折旧模式下的净投资模型，发现几何折旧模式解释力最差。
Abstract A wide range of assumptions about the capital deterioration and marginal factor cost of tractors has been made in previous studies. This study develops a measure of the implicit rental price of tractors which accounts for the capital structure used by farmers, the capacity depreciation of tractors, and income tax considerations. Estimates of net investment models for alternative capacity depreciation patterns are compared to those suggested by engineering considerations. The results show that the frequently used geometric decay pattern does the poorest job of explaining annual real net investment in farm tractors.