Risk-aversion and the investment-uncertainty relationship: The role of capital depreciation
Risk-aversion and the investment-uncertainty relationship: The role of capital depreciation
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DOI：
10.1016/j.jebo.2006.03.003
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发表时间：
2008-03-01
影响因子：
2.2
通讯作者：
Femminis, Gianluca
中科院分区：
文献类型：
--
作者：
Femminis, Gianluca
最近的一些贡献[Nakamura， T., 1999]。风险规避与不确定性投资关系：笔记。经济管理学报（英文版）；Saltari， E., Ticchi， D., 2005。风险规避与投资-不确定性关系：评论。[经济行为与组织学报，56,121-125]表明，当表征企业偏好的风险厌恶指数低于1但高于产出的劳动收入份额时，投资对不确定性的反应为负。我们表明，这一结果在很大程度上取决于生产后完全资本折旧的假设。当考虑资本折旧参数的实际值时，当风险厌恶指数大于1时，投资不确定性关系为负。(C) 2006 Elsevier B.V.版权所有
Some recent contributions [Nakamura, T., 1999. Risk-aversion and the uncertainty-investment relationship: a note. Journal of Economic Behavior and Organization 38, 357-363; Saltari, E., Ticchi, D., 2005. Risk-aversion and the investment-uncertainty relationship: a comment. Journal of Economic Behavior and Organization 56, 121-125] suggest that investments react negatively to uncertainty when the risk aversion index characterizing firm's preferences is lower than one but higher than the labour income share of output. We show that this result crucially depends on the assumption of complete capital depreciation after production. When realistic values for the capital depreciation parameter are taken into account, the investment-uncertainty relation is negative for values of the risk-aversion index larger than unity. (C) 2006 Elsevier B.V. All rights reserved.