文章基本信息

标题：THE IMPACT OF MANURE PRODUCTION RIGHTS ON CAPITAL INVESTMENT IN THE DUTCH PIG SECTOR
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作者：Gardebroek, Cornelis
期刊名称：Journal of Food Distribution Research
印刷版ISSN：0047-245X
出版年度：2001
期号：SUPPL
出版社：Food Distribution Research Society
摘要：In this paper the effect of manure production rights on investment decisions of Dutch pigfarmers is examined. A dynamic optimization model of investment that explicitly takes zeroinvestments into account is augmented by a constraint on production arising from theintroduction of manure production rights. In the theoretical model it is shown that such aconstraint has a reducing effect on investment. The presence of this constraint is tested forusing GMM structural break tests. The results provide evidence for the hypothesis thatmanure production rights have reduced investments through its effect on production.
关键词：Investment; manure production rights; Euler equation; GMM; structural break;testing; panel data; pig farms