| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2813 |
| DP2813 Loss Aversion and Seller Behaviour: Evidence from the Housing Market | |
| David Genesove; Christopher Mayer | |
| 发表日期 | 2001-05-29 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | We explore entry into a foreign market with uncertain demand growth. A multinational can serve the foreign demand in two ways, or by a combination thereof: it can export its product, or it can create productive capacity via Foreign Direct Investment. The advantage of FDI is that it allows lower marginal cost than exports. The disadvantage is that FDI is irreversible and, hence, entails the risk of creating under-utilized capacity in case the market turns out to be smaller than expected. The presence of demand uncertainty and irreversibility gives rise to an interior solution, whereby the multinational does - under certain conditions - both exports and FDI. We argue that this feature is consistent with observed behaviour of multinationals, yet it has not arisen in previous theoretical formulations. |
| 主题 | Industrial Organization ; International Trade and Regional Economics |
| 关键词 | Entry Exports New markets Investment under uncertainty Foreign direct investment |
| URL | https://cepr.org/publications/dp2813 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531869 |
| 推荐引用方式 GB/T 7714 | David Genesove,Christopher Mayer. DP2813 Loss Aversion and Seller Behaviour: Evidence from the Housing Market. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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