@article{Fraser:170814,
      recid = {170814},
      author = {Fraser, K.I. and Batterham, Robert L.},
      title = {Optimum replacement of farm machinery under conditions of  capital rationing - Preliminary results},
      address = {1995-02},
      number = {406-2016-25294},
      pages = {11},
      year = {1995},
      abstract = {Australian farmers invest over two thirds of their capital  expenditure on farm machinery
and equipment. Clearly  investment decisions of this magnitude have a big impact  on
the viability of the farm. Complicating the situation is  the erosion of the capital base
which has occurred on  Australian farms over the last fifteen years, due to high  interest
rates, low world commodity prices, droughts and  the tightening of requirements by
financial institutions.  This paper presents some background on machinery  investment
in Australia and reviews what has historically  been seen as the key decision variables.
Results are then  presented from a spreadsheet analysis undertaken as part of  a larger
project to investigate optimal machinery  replacement for Australian conditions.},
      url = {http://ageconsearch.umn.edu/record/170814},
      doi = {https://doi.org/10.22004/ag.econ.170814},
}