A Markup Interpretation of Optimal Investment Rules
A Markup Interpretation of Optimal Investment Rules
复制标题
最优投资规则的加价解读
DOI：
10.1111/1468-0297.00426
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发表时间：
1999
期刊：
影响因子：
--
通讯作者：
Sigbjørn Sødal
中科院分区：
文献类型：
--
作者：
A. Dixit;R. Pindyck;Sigbjørn Sødal
作者重新审视了决定何时产生沉没成本以获得随机波动收益的基本投资问题。最优投资规则满足较大和较晚净收益之间的权衡；它们表明，这种权衡与面临需求曲线向下倾斜的公司定价决策的标准权衡非常相似。作者将最优投资规则重新解释为包含弹性的加价公式，该公式的形式与公司的最优加价公式的边际成本完全相同。下面用几个例子来说明这一点。
The authors reexamine the basic investment problem of deciding when to incur a sunk cost to obtain a stochastically fluctuating benefit. The optimal investment rule satisfies a trade-off between a larger versus a later net benefit; they show that this trade-off is closely analogous to the standard trade-off for the pricing decision of a firm that faces a downward sloping demand curve. The authors reinterpret the optimal investment rule as a markup formula involving an elasticity that has exactly the same form as the formula for a firm's optimal markup of price over marginal cost. This is illustrated with several examples.