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Titolo:
Time-to-build and capacity choice
Autore:
Bar-Ilan, A; Sulem, AS; Zanello, A;
Indirizzi:
Univ Haifa, Dept Econ, IL-31905 Haifa, Israel Univ Haifa Haifa Israel IL-31905 aifa, Dept Econ, IL-31905 Haifa, Israel Inst Natl Rech Informat & Automat, F-78153 Le Chesnay, France Inst Natl Rech Informat & Automat Le Chesnay France F-78153 snay, France Int Monetary Fund, Washington, DC 20431 USA Int Monetary Fund Washington DC USA 20431 Fund, Washington, DC 20431 USA
Titolo Testata:
JOURNAL OF ECONOMIC DYNAMICS & CONTROL
fascicolo: 1, volume: 26, anno: 2002,
pagine: 69 - 98
SICI:
0165-1889(200201)26:1<69:TACC>2.0.ZU;2-Z
Fonte:
ISI
Lingua:
ENG
Soggetto:
INVESTMENT; UNCERTAINTY; INVENTORY; DECISIONS; LAGS;
Keywords:
irreversible investment; impulse control; capacity;
Tipo documento:
Article
Natura:
Periodico
Settore Disciplinare:
Social & Behavioral Sciences
Citazioni:
28
Recensione:
Indirizzi per estratti:
Indirizzo: Bar-Ilan, A Univ Haifa, Dept Econ, IL-31905 Haifa, Israel Univ Haifa Haifa Israel IL-31905 con, IL-31905 Haifa, Israel
Citazione:
A. Bar-Ilan et al., "Time-to-build and capacity choice", J ECON DYN, 26(1), 2002, pp. 69-98

Abstract

This paper studies how demand uncertainty and time-to-build interact in affecting irreversible investment activity. Using impulse control methods we find the optimal timing and size of investment for a firm such as an electric utility that considers expanding its capacity in order to meet an uncertain demand. When the construction lag is short, uncertainty delays investment while increasing its size once it takes place. However, for comparatively long, and realistic, times-to-build the sensitivity to uncertainty is drastically reduced and the results can even be reversed; more uncertainty canspeed up investment and reduce its size. (C) 2002 Elsevier Science B.V. All rights reserved.

ASDD Area Sistemi Dipartimentali e Documentali, Università di Bologna, Catalogo delle riviste ed altri periodici
Documento generato il 01/06/20 alle ore 06:30:03