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Investment under Uncertainty.

Author: Robert K Dixit; Robert S Pindyck
Publisher: Princeton : Princeton University Press, 2012.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
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  Read more...
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Details

Genre/Form: Electronic books
Additional Physical Format: Print version:
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Robert K Dixit; Robert S Pindyck
ISBN: 0691034109 9780691034102 9781400830176 1400830176
OCLC Number: 990538921
Language Note: English.
Notes: 4 Explaining Aggregate Investment Behavior.
Description: 1 online resource (757 pages)
Contents: Cover; Title; Copyright; Dedication; Contents; Preface; Part I. Introduction; 1 A New View of Investment; 1 The Orthodox Theory; 2 The Option Approach; 3 Irreversibility and the Ability to Wait; 4 An Overview of the Book; 5 Noneconomic Applications; 2 Developing the Concepts Through Simple Examples; 1 Price Uncertainty Lasting Two Periods; 2 Extending the Example to Three Periods; 3 Uncertainty over Cost; 4 Uncertainty over Interest Rates; 5 Scale versus Flexibility; 6 Guide to the Literature; Part II. Mathematical Background; 3 Stochastic Processes and Ito's Lemma; 1 Stochastic Processes. 2 The Wiener Process3 Generalized Brownian Motion-Ito Processes; 4 Ito's Lemma; 5 Barriers and Long-Run Distribution; 6 Jump Processes; 7 Guide to the Literature; Appendix-The Kolmogorov Equations; 4 Dynamic Optimization under Uncertainty; 1 Dynamic Programming; 2 Contingent Claims Analysis; 3 Relationship between the Two Approaches; 4 Guide to the Literature; Appendix A-Recursive Dynamic Programming; Appendix B-Optimal Stopping Regions; Appendix C-Smooth Pasting; Part III. A Firm's Decisions; 5 Investment Opportunities and Investment Timing; 1 The Basic Model. 2 Solution by Dynamic Programming3 Solution by Contingent Claims Analysis; 4 Characteristics of the Optimal Investment Rule; 5 Alternative Stochastic Processes; 6 Guide to the Literature; 6 The Value of a Project and the Decision to Invest; 1 The Simplest Case: No Operating Costs; 2 Operating Costs and Temporary Suspension; 3 A Project with Variable Output; 4 Depreciation; 5 Price and Cost Uncertainty; 6 Guide to the Literature; 7 Entry, Exit, Lay-Up, and Scrapping; 1 Combined Entry and Exit Strategies; 2 Lay-Up, Reactivation, and Scrapping; 3 Guide to the Literature. Part IV. Industry Equilibrium8 Dynamic Equilibrium in a Competitive Industry; 1 The Basic Intuition; 2 Aggregate Uncertainty; 3 Industry Equilibrium with Exit; 4 Firm-Specific Uncertainty; 5 A General Model; 6 Guide to the Literature; 9 Policy Intervention and Imperfect Competition; 1 Social Optimality; 2 Analyses of Some Commonly Used Policies; 3 Example of an Oligopolistic Industry; 4 Guide to the Literature; Appendix-Some Expected Present Values; Part V. Extensions and Applications; 10 Sequential Investment; 1 Decisions to Start and Complete a Multistage Project. 2 Continuous Investment and Time to Build3 The Learning Curve and Optimal Production Decisions; 4 Cost Uncertainty and Learning; 5 Guide to the Literature; Appendix-Numerical Solution of Partial Differential Equation; 11 Incremental Investment and Capacity Choice; 1 Gradual Capacity Expansion with Diminishing Returns; 2 Increasing Returns and Lumpy Additions to Capacity; 3 Adjustment Costs; 4 Guide to the Literature; 12 Applications and Empirical Research; 1 Investments in Offshore Oil Reserves; 2 Electric Utilities' Compliance with the Clean Air Act; 3 The Timing of Environmental Policy.

Abstract:

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 m.

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