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A framework for studying the supply response of perennial crops (Английский)

This paper develops a model of supply of perennial crops which is an alternative to the traditional Nerlovian model. It is argued that a cost-of-adjustment investment model in which capital is heterogeneous provides a suitable basis for a satisfactory approach to the analysis of supply. An essential element in this approach involves the specification of production technology. In section II a vintage production function approach is adopted which distinguishes...
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