کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5099923 | 1377057 | 2007 | 25 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Timing of investment under technological and revenue-related uncertainties
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کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
چکیده انگلیسی
The effects of two forms of uncertainty on the timing of irreversible investment are considered. Technological uncertainty is modeled as a Poisson arrival process that reduces the cost of investment, while revenue uncertainty is modeled as a diffusion process. Technological uncertainty has no effect on the optimal investment policy when revenue uncertainty is absent. However, when combined with revenue uncertainty, increased technological uncertainty makes investment less attractive relative to waiting. The paper also makes a more general point in clarifying the difference in how diffusion type of uncertainty and unidirectional stochastic progress affect investment timing.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 31, Issue 5, May 2007, Pages 1473-1497
Journal: Journal of Economic Dynamics and Control - Volume 31, Issue 5, May 2007, Pages 1473-1497
نویسندگان
Pauli Murto,