Fig. 8. Evolution of average rent and profit over 14 simulation periods and two policies, i.e., Agenda 2000 and the decoupled policy (REGPREM) for low factor levels (-), default, and high factor levels (+). Averages of five replications and standard errors. IBC stands for interest on borrowed capital, IEC stands for interest on equity capital, MA stands for cost savings due to managerial ability, and TC stands for technological change.