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Abstract
This article aims to analyse the determinants of EU farmers' intentions to invest in the
period 2014-2020. It analysed data of a survey of 780 farmers interviewed in spring 2013, covering
6 EU countries (Czech Republic, Germany, Spain, France, Italy, Poland) and four different farm
types (arable crops, livestock, perennial crops and mixed farms). A multivariate probit model is
used in order to determine the factors explaining the willingness to invest or not to invest in various
farm asset classes (land, building, machinery, training) by the surveyed farmers. The multivariate
probit allows taking into account the possibility of simultaneous investments and the potential
correlations among these investment decisions. We find that investments in different asset classes
are complementary. Farmers willing to invest in one asset class are also willing to invest in other
asset classes, after controlling for observable characteristics such as farm size, specialization,
farmer's age. This paper contributes to the limited literature on farmers' investment decisions at EU level.