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The analysis of irreversibility, uncertainty and dynamic technical inefficiency on the investment decision in the Spanish olive sector

Autor
Lambarraa, F.; Stefanou, S.; Gil, J.M.
Tipus d'activitat
Article en revista
Revista
European review of agricultural economics
Data de publicació
2016-03-31
Volum
43
Número
1
Pàgina inicial
59
Pàgina final
77
DOI
https://doi.org/10.1093/erae/jbv006 Obrir en finestra nova
Repositori
http://hdl.handle.net/2117/102612 Obrir en finestra nova
Resum
This study addresses irreversible investment decision-making in the context of uncertainty when allowing for inefficiency to be transmitted over time. Both irreversibility and persistence in technical inefficiency can lead to sluggish adjustment of quasifixed factors of production. The context of our application is the Spanish olive sector using farm-level data. We first estimate a dynamic stochastic frontier model to determine the long-run technical efficiency and its persistence. Then we addre...
Citació
Lambarraa, F., Stefanou, S., Gil, J. The analysis of irreversibility, uncertainty and dynamic technical inefficiency on the investment decision in the Spanish olive sector. "European review of agricultural economics", 31 Març 2016, vol. 43, núm. 1, p. 59-77.
Paraules clau
Spanish olive sector, dynamic efficiency, investment, real option
Grup de recerca
CREDA - Centre de Recerca en Economia i Desenvolupament Agroalimentari

Participants