Detail The Effect of Time-to-Build on Strategic Investment Under Uncertainty   Oleh:  Pacheco-de-Almeida, Goncalo ; Zemsky, Peter Jenis: Article from Bulletin/Magazine Dalam koleksi: The Rand Journal of Economics vol. 34 no. 1 (2003), page 166-182. Topik: investment; time - to - build; investment Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: RR10 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel We show that time - to - build, which creates a lag between the decision to invest and production, is an important element of industry structure. We study a multiperiod investment game where there is demand uncertainty. Adding time - to - build to the model alters the classic tradeoff between making strategic commitments and exploiting the option to wait. Furthermore, time - to - build gives rise to novel equilibria in which firms invest incrementally, which contrasts with most prior work on multiperiod investment games in which firms invest only once. We show how time - to - build affects firm heterogeneity, investment timing, the option value of waiting, the evolution of prices, and social welfare. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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