Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/192273 
Erscheinungsjahr: 
2000
Schriftenreihe/Nr.: 
Discussion Papers No. 291
Verlag: 
Statistics Norway, Research Department, Oslo
Zusammenfassung: 
We develop an econometric model for firm exit, using stochastic dynamic programming (SDP) as a starting point. According to SDP, the value of an operating firm can be written as the sum of (i) the net present value of continuing production if the firm is committed to a future exit date, and (ii) the value of the exit option. By approximating the option value by a simple function of its determinants, we derive an expression for the distribution of firm exit probabilities. The model is estimated by pseudo likelihood methods using panel data from the Norwegian Manufacturing Statistics. The applicability of the model is illustrated by assessing to what extent quotas on emissions of carbondioxide increase exits in manufacturing sectors.
Schlagwörter: 
Exit dynamics
stochastic dynamic programming
option value
pseudo likelihood
dynamic panel data
random effects
environmental taxes
JEL: 
C33
C51
C61
D21
Q38
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
601.19 kB





Publikationen in EconStor sind urheberrechtlich geschützt.