Roys, N.;
(2007)
Optimal investment policy with fixed adjustment costs and complete irreversibility.
(cemmap Working Papers
CWP29/).
Institute for Fiscal Studies: London, UK.
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Abstract
We develop and solve analytically an investment model with fixed adjust- ment costs and complete irreversibility that reproduces observed investment dynamics at the micro-level. We impose a minimal set of restrictions on tech- nology and uncertainty. Most of the results duplicate or generalize earlier findings that have been established either by simulations or under contrefac- tual assumptions.
| Type: | Working / discussion paper |
|---|---|
| Title: | Optimal investment policy with fixed adjustment costs and complete irreversibility |
| Open access status: | An open access version is available from UCL Discovery |
| Publisher version: | http://www.cemmap.ac.uk/publications.php |
| Language: | English |
| Keywords: | C61, D21 and E2 |
| UCL classification: | UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics |
| URI: | https://discovery-pp.ucl.ac.uk/id/eprint/14671 |
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