A note on NNS models: introducing physical capital; avoiding rationing
نویسندگان
چکیده
منابع مشابه
A Note on NNS models: Introducing Physical Capital ; Avoiding Rationing
This note makes two comments on recent NNS models. First, it disputes the way physical capital has been introduced into these models arguing that this leads to the dubious postulate that the cost of adjusting physical capital stock is an order of magnitude lower than the cost of changing prices. Second it warns against a possible logical inconsistency whereby calibrated NNS models are implicitl...
متن کاملPromotion Tournaments and Capital Rationing
We analyze capital allocation in a conglomerate where divisional managers with uncertain abilities compete for promotion to CEO. A manager can sometimes gain by unobservably adding variance to divisional performance. Capital rationing can limit this distortion, increase productive efficiency, and allow the owner to make more accurate promotion decisions. Firms for which CEO talent is more impor...
متن کاملCapital rationing and managerial retention: the role of external capital∗
In modern businesses, firms face new challenges of managerial retention in capital budgeting process. We consider a model in which a manager privately observes the capital productivity of a project and has access to multiple outside financing options. We show that if the manager can obtain funding from either internal or external capital (but not both), the firm may exclude highly profitable in...
متن کاملA note on capital mobility in Greece
Pelagidis and Mastroyiannis [Pelagidis, T., & Mastroyiannis, T. (2003). The saving–investment correlation in Greece, 1960–1997: Implications for capital mobility. Journal of Policy Modeling] using the cointegration methodology proposed by Jansen and Schulze [Jansen, W.J., & Schulze, G.G. (1993). Theory-based measurement for the saving–investment correlation with an application to Norway. Discus...
متن کاملNote transitions in Physical Models of a Wind Instrument
In simulating the playing of a musical note sequence with a physical model, not only the steady state tones but also the transition between the tones have to be modeled. This paper gives an overview of six different techniques for implementing note transitions, applied to a physical model of a wind instrument. Two specific solutions are further analyzed and compared. It is found that the parall...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Economics Letters
سال: 2002
ISSN: 0165-1765
DOI: 10.1016/s0165-1765(02)00160-x