| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w5227 |
| 来源ID | Working Paper 5227 |
| Options, the Value of Capital, and Investment | |
| Andrew B. Abel; Avinash K. Dixit; Janice C. Eberly; Robert S. Pindyck | |
| 发表日期 | 1995-08-01 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | Capital investment decisions must recognize the limitations on the firm's ability later to sell off or expand capacity. This paper shows how opportunities for future expansion or contraction can be valued as options, how this valuation relates to the q-theory of investment, and how these options affect the incentive to invest. Generally, the option to expand reduces the incentive to invest, while the option to disinvest raises it. We show how these options interact to determine the effect of uncertainty on investment, how these option values change in response to shifts of the distribution of future profitability, and how the q-theory and option pricing approaches to investment are related. |
| URL | https://www.nber.org/papers/w5227 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/562672 |
| 推荐引用方式 GB/T 7714 | Andrew B. Abel,Avinash K. Dixit,Janice C. Eberly,et al. Options, the Value of Capital, and Investment. 1995. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w5227.pdf（340KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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