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On Irreversible Investment
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Book Synopsis Irreversibility, Uncertainty, and Investment by : Robert S. Pindyck
Download or read book Irreversibility, Uncertainty, and Investment written by Robert S. Pindyck and published by World Bank Publications. This book was released on 1989 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Irreversible investment is especially sensitive to such risk factors as volatile exchange rates and uncertainty about tariff structures and future cash flows. If the goal of macroeconomic policy is to stimulate investment, stability and credibility may be more important than tax incentives or interest rates.
Book Synopsis Investment under Uncertainty by : Robert K. Dixit
Download or read book Investment under Uncertainty written by Robert K. Dixit and published by Princeton University Press. This book was released on 2012-07-14 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: How should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? Why have traditional economic models of investment failed to explain the behavior of investment spending in the United States and other countries? In this book, Avinash Dixit and Robert Pindyck provide the first detailed exposition of a new theoretical approach to the capital investment decisions of firms, stressing the irreversibility of most investment decisions, and the ongoing uncertainty of the economic environment in which these decisions are made. In so doing, they answer important questions about investment decisions and the behavior of investment spending. This new approach to investment recognizes the option value of waiting for better (but never complete) information. It exploits an analogy with the theory of options in financial markets, which permits a much richer dynamic framework than was possible with the traditional theory of investment. The authors present the new theory in a clear and systematic way, and consolidate, synthesize, and extend the various strands of research that have come out of the theory. Their book shows the importance of the theory for understanding investment behavior of firms; develops the implications of this theory for industry dynamics and for government policy concerning investment; and shows how the theory can be applied to specific industries and to a wide variety of business problems.
Book Synopsis Irreversibility, Uncertainty, and Investment by : Robert S. Pindyck
Download or read book Irreversibility, Uncertainty, and Investment written by Robert S. Pindyck and published by . This book was released on 2010 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most investment expenditures have two important characteristics: First, they are largely irreversible; the firm cannot disinvest, so the expenditures are sunk costs. Second, they can be delayed, allowing the firm to wait for new information about prices, costs, and other market conditions before committing resources. An emerging literature has shown that this has important implications for investment decisions, and for the determinants of investment spending. Irreversible investment is especially sensitive to risk, whether with respect to future cash flows, interest rates, or the ultimate cost of the investment. Thus if a policy goal is to stimulate investment, stability and credibility may be more important than tax incentives or interest rates. This paper presents some simple models of irreversible investment, and shows how optimal investment rules and the valuation of projects and firms can be obtained from contingent claims analysis, or alternatively from dynamic programming. It demonstrates some strengths and limitations of the methodology, and shows how the resulting investment rules depend on various parameters that come from the market environment. It also reviews a number of results and insights that have appeared in the literature recently, and discusses possible policy implications.
Book Synopsis On Irreversible Investment by : Frank Riedel
Download or read book On Irreversible Investment written by Frank Riedel and published by . This book was released on 2008 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a general theory of irreversible investment of a single firm that chooses a dynamic capacity expansion plan in an uncertain environment. The model is set up free of any distributional or any parametric assumptions and hence encompasses all the existing models. As the first contribution, a general existence and uniqueness result is provided for the optimal investment policy. Based upon an alternative approach developed previously to dynamic programming problems, we derive the optimal base capacity policy such that the firm always keeps the capacity at or above the base capacity. The critical base capacity is explicitly constructed and characterized via a stochastic backward equation. This method allows qualitative insights into the nature of the optimal investment under irreversibility. Finally, explicit solutions are derived for infinite time horizon, a separable operating profit function of Cobb--Douglas type and an exponential Levy process modelled economic shock.
Book Synopsis Dynamic Asset Pricing Theory by : Darrell Duffie
Download or read book Dynamic Asset Pricing Theory written by Darrell Duffie and published by Princeton University Press. This book was released on 2010-01-27 with total page 488 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a thoroughly updated edition of Dynamic Asset Pricing Theory, the standard text for doctoral students and researchers on the theory of asset pricing and portfolio selection in multiperiod settings under uncertainty. The asset pricing results are based on the three increasingly restrictive assumptions: absence of arbitrage, single-agent optimality, and equilibrium. These results are unified with two key concepts, state prices and martingales. Technicalities are given relatively little emphasis, so as to draw connections between these concepts and to make plain the similarities between discrete and continuous-time models. Readers will be particularly intrigued by this latest edition's most significant new feature: a chapter on corporate securities that offers alternative approaches to the valuation of corporate debt. Also, while much of the continuous-time portion of the theory is based on Brownian motion, this third edition introduces jumps--for example, those associated with Poisson arrivals--in order to accommodate surprise events such as bond defaults. Applications include term-structure models, derivative valuation, and hedging methods. Numerical methods covered include Monte Carlo simulation and finite-difference solutions for partial differential equations. Each chapter provides extensive problem exercises and notes to the literature. A system of appendixes reviews the necessary mathematical concepts. And references have been updated throughout. With this new edition, Dynamic Asset Pricing Theory remains at the head of the field.
Book Synopsis Irreversible Investment with Strategic Interactions by : Robin Mason
Download or read book Irreversible Investment with Strategic Interactions written by Robin Mason and published by . This book was released on 2001 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Irreversible Investment in Competitive Projects by :
Download or read book Irreversible Investment in Competitive Projects written by and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on the Theory of Irreversible Investment by : Tom Dahlström
Download or read book Essays on the Theory of Irreversible Investment written by Tom Dahlström and published by . This book was released on 2002 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Market Characteristics with Irreversible Investment by : Michael Edward Edelson
Download or read book Market Characteristics with Irreversible Investment written by Michael Edward Edelson and published by . This book was released on 1990 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis On Irreversible Investment/ by Frank Riedel ; Xia Su by :
Download or read book On Irreversible Investment/ by Frank Riedel ; Xia Su written by and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Irreversible Investment and Industry Equilibrium by : Friðrik Már Baldursson
Download or read book Irreversible Investment and Industry Equilibrium written by Friðrik Már Baldursson and published by . This book was released on 1995 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effects of Regime-switching Uncertainty on Irreversible Investment Decisions by : Catherine Anne Pattillo
Download or read book The Effects of Regime-switching Uncertainty on Irreversible Investment Decisions written by Catherine Anne Pattillo and published by . This book was released on 1996 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Competition and irreversible investments under uncertainty by : Michele Moretto
Download or read book Competition and irreversible investments under uncertainty written by Michele Moretto and published by . This book was released on 2003 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Testing the Option Value Theory of Irreversible Investment by : Tarek M. Harchaoui
Download or read book Testing the Option Value Theory of Irreversible Investment written by Tarek M. Harchaoui and published by . This book was released on 1999 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effects of Macroeconomic Uncertainty on Irreversible Investment by : Ayse E. Sile
Download or read book The Effects of Macroeconomic Uncertainty on Irreversible Investment written by Ayse E. Sile and published by . This book was released on 2003 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Irreversible Investment and Aggregate Instability by : S. Kapur
Download or read book Irreversible Investment and Aggregate Instability written by S. Kapur and published by . This book was released on 1992 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Impact of Tax Uncertainty on Irreversible Investment by :
Download or read book Impact of Tax Uncertainty on Irreversible Investment written by and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
