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Investment Under Uncertainty

ISBN-10: 0691034109
ISBN-13: 9780691034102
Edition: 1994
List price: $99.95 Buy it from $47.18
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Description: 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  More...

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Book details

List price: $99.95
Copyright year: 1994
Publisher: Princeton University Press
Publication date: 1/30/1994
Binding: Hardcover
Pages: 488
Size: 6.50" wide x 9.50" long x 1.25" tall
Weight: 2.068
Language: English

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.

Preface
A New View of Investment
Developing the Concepts Through Simple Examples
Stochastic Processes and Ito's Lemma
Dynamic Optimization under Uncertainty
Investment Opportunities and Investment Timing
The Value of a Project and the Decision to Invest
Entry, Exit, Lay-Up, and Scrapping
Dynamic Equilibrium in a Competitive Industry
Policy Intervention and Imperfect Competition
Sequential Investment
Incremental Investment and Capacity Choice
Applications and Empirical Research
References
Symbol Glossary
Author Index
Subject Index

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