Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/233220 
Autor:innen: 
Erscheinungsjahr: 
2006
Schriftenreihe/Nr.: 
Discussion paper No. 4
Verlag: 
Aboa Centre for Economics (ACE), Turku
Zusammenfassung: 
We consider optimal incremental capital accumulation in the presence of investment irreversibility and general price uncertainty. We present a set of general conditions under which the optimal capital accumulation path can be explicitly characterized in terms of an ordinary threshold rule stating that investment is optimal whenever the underlying price exceeds a capital-dependent threshold. We also present a set of general conditions under which increased price volatility expands the region where investment is suboptimal and decreases both the expected cumulative present value of the marginal revenue product of capital and the value of the future expansion options.
Schlagwörter: 
Price uncertainty
irreversible investment
incremental capital accumulation
JEL: 
G31
D92
C61
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
366.58 kB





Publikationen in EconStor sind urheberrechtlich geschützt.