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 368026
Title Investment spikes in Dutch greenhouse horticulture
Author(s) Goncharova, N.; Oskam, A.; Oude Lansink, A.G.J.M.; Vlist, A.J. van der; Verstegen, J.A.A.M.
Source Journal of Agricultural Economics 59 (2008)3. - ISSN 0021-857X - p. 516 - 536.
Department(s) Agricultural Economics and Rural Policy
Business Economics
LEI Agricultural sector & entrepreneurship
Publication type Refereed Article in a scientific journal
Publication year 2008
Keyword(s) irreversibility - uncertainty - industry - lumps
Abstract The presence of investment cycles demonstrates the long-run policy of firms investing in particular periods (investment spikes) with lower or zero investment levels in between, which contradicts the smooth pattern predicted by a convex adjustment model. This paper investigates the spells between investment spikes in a discrete-time proportional hazard framework to estimate the probability of observing lumpy investment and factors underlying lumpy and intermittent patterns of investment. Duration models were estimated on two datasets: on an unbalanced panel and on average data of 10 'firm size' groups of Dutch greenhouse firms over the period 1975¿1999. Two specifications of the model were estimated: one includes only theoretically grounded variables, and the other specification is extended by empirically grounded variables. Theoretically based models can explain the occurrence of investment spikes. Both specifications of model show an investment cycle of six years. This is also confirmed for the average firm, which exhibits a higher hazard ratio in the 6th, 12¿13th and 21st years of duration.
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