Cost uncertainty, taxation, and irreversible investment
作者： Sumru Altuğ , Fanny S. Demers , Michel Demers
DOI: 10.1007/978-3-662-03750-8_4
关键词:
摘要: We examine the impact of learning about unknown costs investment on irreversible decisions, and show that presence increases endogenous cost adjustment depresses investment. demonstrate convergence state information capital stock to ergodic set. Once is complete, in contrast exogenous cost-of-adjustment model, a mean-preserving increase risk raises marginal cost, reducing steady-state stock.
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