Uncertainty, Investment and Capital Accumulation: What Do We Know and What Do We Not Know
نویسنده
چکیده
In the past four decades there has been considerable interest in the e¤ects that uncertainty has on a rms investment decision and the resulted capital accumulation. This chapter surveys consensus, controversies and open questions in the literature under a general dynamic programming framework. We illustrate that the key answers to the e¤ects of uncertainty depend on the forms of adjustment costs, the properties of operating pro t and the quantities of interest. In particular, two special combinations of adjustment costs and operating pro ts are investigated to see why some well-known controversies have aroused from them; and whether each of them could provide unambiguous predictions on all the quantities of our interest. Finally, we highlight the necessity of a structural estimation to answer the part that we do not know yet.
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