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Optimal investment policy with fixed adjustment costs and complete irreversibility

Roys, N.; (2007) Optimal investment policy with fixed adjustment costs and complete irreversibility. (cemmap Working Papers CWP29/). Institute for Fiscal Studies: London, UK. Green open access

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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 SandHS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/14671
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