کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
960179 929417 2007 20 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Technological innovation and real investment booms and busts
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Technological innovation and real investment booms and busts
چکیده انگلیسی

We investigate why new, high-risk technologies can attract excessive and often unprofitable investment. We develop an equilibrium model in which rational, risk-averse agents overinvest in a risky technology, possibly to the point that its expected return is negative. Overinvestment results from relative wealth concerns which arise endogenously from the imperfect tradability of future endowments. Competition over future consumption leads to an indirect utility for wealth with “keeping up with the Joneses” properties that can induce herding. Because overinvestment increases with the risk of the technology, our model can explain why new, risky technological innovations may promote investment bubbles.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 85, Issue 3, September 2007, Pages 735–754
نویسندگان
, , ,