@article{Vasavada:278021,
      recid = {278021},
      author = {Vasavada, Utpal and Ball, V. Eldon},
      title = {MODELING DYNAMIC ADJUSTMENT IN A MULTI-OUTPUT FRAMEWORK},
      address = {1988-06},
      number = {1486-2018-6039},
      series = {AGPS880205},
      pages = {17},
      year = {1988},
      abstract = {A multi-output model is developed within the adjustment  cost framework to analyze the structure of dynamic  adjustments in U.S. agriculture during the postwar period.  An important feature of this model is the econometric  model's consistency with dynamic economic theory.  Fluctuations in capital stocks, variable inputs, and  outputs are explained by changing opportunity costs.  Empirical results indicated that durable equipment,  farm-produced durables, and family labor exhibited  significant rigidity in adjustment as a response to  exogenous shocks. The hypothesis that real estate was a  variable input, surprisingly, could not be rejected. The  univariate flexible accelerator hypothesis, which is widely  maintained in most agricultural adjustment studies, is  inconsistent with the data.},
      url = {http://ageconsearch.umn.edu/record/278021},
      doi = {https://doi.org/10.22004/ag.econ.278021},
}