| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13269 |
| 来源ID | Working Paper 13269 |
| Irreversible Investment, Capital Costs and Productivity Growth: Implications for Telecommunications | |
| Jeffrey I. Bernstein; Theofanis P. Mamuneas | |
| 发表日期 | 2007-07-20 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | This paper develops a model incorporating costly disinvestment and estimates the associated commitment premium required to invest in telecommunications. Results indicate that the irreversibility premium raises the opportunity cost of capital by 70 percent. This implies an average annual hurdle rate of return of 14 percent over the period 1986-2002. Irreversibility creates a distinction between observed and adjusted TFP growth. Observed growth, which omits the premium, annually averaged 2.8 percent from 1986 to 2002. This rate exceeded the (premium) adjusted TFP growth by 0.7 percentage points, and therefore average annual observed productivity growth overestimated the corrected rate by 33 percent. |
| 主题 | Microeconomics ; Households and Firms ; Industrial Organization ; Industry Studies |
| URL | https://www.nber.org/papers/w13269 |
| 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/570940 |
| 推荐引用方式 GB/T 7714 | Jeffrey I. Bernstein,Theofanis P. Mamuneas. Irreversible Investment, Capital Costs and Productivity Growth: Implications for Telecommunications. 2007. |
| 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 | ||
| w13269.pdf（279KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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