An Opportunity Cost View of Fixed Asset Theory and the Overproduction Trap
指出基于购置价格的固定资产估值会低估回报率并错误认为生产过剩是市场失灵，而机会成本估值表明理性生产者不会过度投入资源，并批评农业经济学教材中固定资产理论误导了成本概念。
Abstract In fixed asset and exit barrier theories, durable asset valuation is based upon acquisition prices, yielding downwardly biased rate‐of‐return estimates and erroneous implications that excess resources become trapped in production when product price expectations fall. Conventional asset valuation based on opportunity cost shows that excess resource applications are incompatible with rational producer behavior. Market failure conclusions of overproduction trap models are shown to be unfounded. A review of recently published agricultural economics texts illustrates how use of fixed asset theory in the college classroom obscures the concept of choice‐influencing cost and the rule of resource allocative efficiency.