Investment Under Uncertainty - Rilegato

Dixit, Avinash K.; Pindyck, Robert S.

Rilegato

ISBN 10: 0691034109 ISBN 13: 9780691034102

Casa editrice: Princeton Univ Pr, 1994

Riassunto

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.

Su questo libro

L'autore:

Avinash K. Dixit is John J. F. Sherrerd '52 University Professor of Economics at Princeton University. His most recent book is Thinking Strategically, with Barry Nalebuff (Norton). Robert S. Pindyck is Mitsubishi Bank Professor of Economics at the Sloan School of Management, MIT. His books include Econometric Models and Economic Forecasts, with Daniel L. Rubinfeld (McGraw-Hill).

Contenuti:

	Preface
1	A New View of Investment	3
2	Developing the Concepts Through Simple Examples	26
3	Stochastic Processes and Ito's Lemma	59
4	Dynamic Optimization under Uncertainty	93
5	Investment Opportunities and Investment Timing	135
6	The Value of a Project and the Decision to Invest	175
7	Entry, Exit, Lay-Up, and Scrapping	213
8	Dynamic Equilibrium in a Competitive Industry	247
9	Policy Intervention and Imperfect Competition	282
10	Sequential Investment	319
11	Incremental Investment and Capacity Choice	357
12	Applications and Empirical Research	394
	References	429
	Symbol Glossary	445
	Author Index	449
	Subject Index	455

Su questa edizione

• Editore: Princeton Univ Pr
• Data di pubblicazione: 1994
• ISBN 10: 0691034109
• ISBN 13: 9780691034102
• Rilegatura: Copertina rigida
• Numero edizione: 1
• Numero di pagine: 488