G2TT
来源类型FEEM working papers "Note di lavoro" series
规范类型论文
Long-run Investment under Uncertain Demand
Luca Di Corato; Michele Moretto; Sergio Vergalli
发表日期2013
出处Economy and Society
出版年2013
语种英语
摘要In the literature investigating the impact of uncertainty on short-run and long-run investment, most authors have used a log linear profit function. This functional form has been generally considered a reasonable approximation for more general ones and has the advantage of providing closed form solutions for both short-run investment rule and long-run rate of capital accumulation. In this paper, we consider a firm facing a linear demand function with additive shocks and present a technique for the analytical approximation of the long-run average rate of capital accumulation for the case of an inverted U-shape profit function. We then compare the long-run rates of capital accumulation calculated under both assumptions within a plausible range of parameter values. We notice significant differences and conclude that the choice of a log linear functional form has a non-trivial impact on the magnitude of the long run rate of capital accumulation.
特色分类C61;D92;E22
关键词Investment Demand Uncertainty Irreversibility
URLhttps://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/long-run-investment-under-uncertain-demand/
来源智库Fondazione Eni Enrico Mattei (Italy)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/118193
推荐引用方式
GB/T 7714
Luca Di Corato,Michele Moretto,Sergio Vergalli. Long-run Investment under Uncertain Demand. 2013.
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