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Irreversible Investment Under Interest Variability
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Book Synopsis Irreversible Investment Under Interest Rate Variability by : Luis H. R. Alvarez
Download or read book Irreversible Investment Under Interest Rate Variability written by Luis H. R. Alvarez and published by . This book was released on 2002 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tiivistelmä: Peruuttamattomat investoinnit muuttuvalla korolla : uusia tuloksia.
Book Synopsis Irreversible Investment Under Interest Rate Variability by : Luis H. R. Alvarez
Download or read book Irreversible Investment Under Interest Rate Variability written by Luis H. R. Alvarez and published by . This book was released on 2001 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Irreversible Investment Under Interest Rate Variability by : Luis H. R. Alvarez
Download or read book Irreversible Investment Under Interest Rate Variability written by Luis H. R. Alvarez and published by . This book was released on 2003 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Irreversible Investment Under Interest Variability by : Luis H. R. Alvarez
Download or read book Irreversible Investment Under Interest Variability written by Luis H. R. Alvarez and published by . This book was released on 2002 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Real Options Valuation by : Marcus Schulmerich
Download or read book Real Options Valuation written by Marcus Schulmerich and published by Springer Science & Business Media. This book was released on 2010-08-03 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the ?rst edition of this book was published in early 2005, the world has changed dramatically and at a pace never seen before. The changes that - curred in 2008 and 2009 were completely unthinkable two years before. These changes took place not only in the Finance sector, the origin of the crisis, but also, as a result, in other economic sectors like the automotive sector. Governments now own substantial parts, if not majorities, in banks or other companies which recorded losses of double digit billions of USD in 2008. 2008 saw the collapse of leading stand-alone U. S. investment banks. In many co- tries interest rates fell close to zero. What has happend? While the economy showed strong growth in 2004 to 2006, the Subprime or Credit Crisis changed the picture completely. What started in the U. S. ho- ing market in late 2006 became a full-?edged global ?nancial crisis and has a?ected ?nancial markets around the world. A decline in U. S. house prices and increasing interest rates caused a higher rate of subprime mortgage delinqu- cies in the U. S. and, due to the wide distribution of securitized assets, had a negative e?ect on other markets. As a result, markets realized that risks had been underestimated and volatility increased. This development culminated in the bankruptcy of the investment bank Lehman Brothers in mid September 2008.
Book Synopsis Investment Under Uncertainty With a Zero Lower Bound on Interest Rates by : George Dotsis
Download or read book Investment Under Uncertainty With a Zero Lower Bound on Interest Rates written by George Dotsis and published by . This book was released on 2019 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines irreversible investment decisions when the interest rate is stochastic and constrained by a zero lower bound using the shadow-rate model of Black (1995). In contrast to the commonly found negative relationship between investment and uncertainty, it is shown that the presence of a lower bound on interest rates induces an asymmetric effect of interest rate uncertainty on investment decision. When the interest rate is low an increase in interest rate volatility decreases the value of waiting and increases investment but when the interest rate is high an increase in interest rate volatility increases the value of waiting and decreases investment. When interest rates are stuck at the lower bound and the shadow rate is substantially below the bound, the decision to invest or wait no longer depends on interest rate uncertainty and is determined entirely by cash flow volatility.
Download or read book Investment written by Michelle Baddeley and published by Bloomsbury Publishing. This book was released on 2017-05-09 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investment provides an examination of the key macroeconomic theories which underpin fixed asset investment. It would make ideal reading for an intermediate level macroeconomics course or a module on fixed asset investment taking an applied macroeconomic perspective.
Book Synopsis Real Options and Investment Under Uncertainty by : Eduardo S. Schwartz
Download or read book Real Options and Investment Under Uncertainty written by Eduardo S. Schwartz and published by MIT Press. This book was released on 2004 with total page 890 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study of investment under uncertainty was stagnant for several decades until developments in real options revitalized the field. The topics covered in this book include the reasons behind the under-investment programme.
Book Synopsis Tax Policy and Irreversible Investment by : Sumru Altug
Download or read book Tax Policy and Irreversible Investment written by Sumru Altug and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the impact of tax policy uncertainty on the irreversible investment decisions of a monopolistically competitive firm. We consider the impact of tax policy in terms of the investment tax credit (ITC) as well as the stochastic tax wedge which determines the after-tax costs of investing. We show that (i) temporary tax incentives have a greater stimulative impact on investment; (ii) greater policy volatility results in greater variability of investment; (iii) a stochastically larger future tax policy lowers current investment; and (iv) greater variability of tax policy around a constant mean leads to lower investment. We examine changes in the average levels of investment and its variability over short- and long-run horizons. We consider a general 3-state process, a log-normal process, and a Poisson process. We carry out an extensive sensitivity analysis that allows us to examine the impact of changes in real interest rates, and changes in the elasticity of demand facing firms.
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 1990 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Bulletin written by and published by . This book was released on 2001 with total page 916 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Irreversible Investment Under Interest Rate Variability by : Luis H. R. Alvarez
Download or read book Irreversible Investment Under Interest Rate Variability written by Luis H. R. Alvarez and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tiivistelmä: Peruuttamattomat investoinnit muuttuvalla korolla : uusia tuloksia.
Book Synopsis Handbook of Forest Resource Economics by : Shashi Kant
Download or read book Handbook of Forest Resource Economics written by Shashi Kant and published by Routledge. This book was released on 2014-04-03 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is increasingly recognized that the economic value of forests is not merely the production of timber. Forests provide other key ecosystem services, such as being sinks for greenhouse gases, hotspots of biodiversity, tourism and recreation. They are also vitally important in preventing soil erosion and controlling water supplies, as well as providing non-timber forest products and supporting the livelihoods of many local people. This handbook provides a detailed, comprehensive and broad coverage of forest economics, including traditional forest economics of timber production, economics of environmental role of forests, and recent developments in forest economics. The chapters are grouped into six parts: fundamental topics in forest resource economics; economics of forest ecosystems; economics of forests, climate change, and bioenergy; economics of risk, uncertainty, and natural disturbances; economics of forest property rights and certification; and emerging issues and developments. Written by leading environmental, forest, and natural resource economists, the book represents a definitive reference volume for students of economics, environment, forestry and natural resource economics and management.
Book Synopsis Sources of Growth in Latin America by : Eduardo Fernandez-Arias
Download or read book Sources of Growth in Latin America written by Eduardo Fernandez-Arias and published by IDB. This book was released on 2005 with total page 491 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economics of Pessimism and Optimism by : Kiyohiko G. Nishimura
Download or read book Economics of Pessimism and Optimism written by Kiyohiko G. Nishimura and published by Springer. This book was released on 2017-11-13 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first book to investigate individual’s pessimistic and optimistic prospects for the future and their economic consequences based on sound mathematical foundations. The book focuses on fundamental uncertainty called Knightian uncertainty, where the probability distribution governing uncertainty is unknown, and it provides the reader with methods to formulate how pessimism and optimism act in an economy in a strict and unified way. After presenting decision-theoretic foundations for prudent behaviors under Knightian uncertainty, the book applies these ideas to economic models that include portfolio inertia, indeterminacy of equilibria in the Arrow-Debreu economy and in a stochastic overlapping-generations economy, learning, dynamic asset-pricing models, search, real options, and liquidity preferences. The book then proceeds to characterizations of pessimistic (ε-contaminated) and optimistic (ε-exuberant) behaviors under Knightian uncertainty and people’s inherent pessimism (surprise aversion) and optimism (surprise loving). Those characterizations are shown to be useful in understanding several observed behaviors in the global financial crisis and in its aftermath. The book is highly recommended not only to researchers who wish to understand the mechanism of how pessimism and optimism affect economic phenomena, but also to policy makers contemplating effective economic policies whose success delicately hinges upon people’s mindsets in the market. Kiyohiko Nishimura is Professor at the National Graduate Institute for Policy Studies (GRIPS) and Professor Emeritus and Distinguished Project Research Fellow of the Center for Advanced Research in Finance at The University of Tokyo. Hiroyuki Ozaki is Professor of Economics at Keio University.
