Staff Publications

Staff Publications

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    'Staff publications' is the digital repository of Wageningen University & Research

    'Staff publications' contains references to publications authored by Wageningen University staff from 1976 onward.

    Publications authored by the staff of the Research Institutes are available from 1995 onwards.

    Full text documents are added when available. The database is updated daily and currently holds about 240,000 items, of which 72,000 in open access.

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Record number 317479
Title Semi parametric modelling of investments in energy installations
Author(s) Oude Lansink, A.G.J.M.; Pietola, K.
Source In: 10th Congress European association of agricultural economists (EAAE) : Exploring diversity in the European Agri-Food System, Zaragoza, Spain, 28-31 August 2002.. - - p. 25 - 25.
Event 10th Congress European association of agricultural economists, Zaragoza, 2002-08-28/2002-08-31
Department(s) Agrarische Bedrijfseconomie
MGS
Publication type Contribution in proceedings
Publication year 2002
Abstract This paper applies a semi-parametric approach to estimating a generalised model of investments in energy installations. The model accounts for irreversibility and lumpiness of investments by linking a parametric specification of the unobservable dynamic shadow price to observed investment behaviour using a non-parametric specification of the adjustment cost function. The results suggest that marginal costs of investments in energy installations increase quickly at small investment levels, whereas the increase slows down at higher investment levels. Therefore, standard parametric adjustment cost models are likely biased such that they over-estimate small investments and under-estimate large investments.
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