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Instantaneous optimal investment decisions with costly and costless reversibility

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  • Oner Guncavdi
  • Seyidali S. Akhiev

    ()
    (Istanbul Technical University)

  • Andrew McKay

    (University of Nottingham)

Abstract

En general, las diferentes teorias que se han planteado para explicar la inversion se basan en problemas de optimizacion dinamica cuyas soluciones cuentan con diferentes metodos. En dichos modelos, los valores optimos de las variables de control y de estado, etiquetadas como inversion y capital respectivamente, dependen de los precios futuros del producto y de los factores de la produccion y del nivel de capital al final del periodo. En este articulo sugerimos un nuevo metodo para obtener los niveles optimos de inversion sin requerir informacion sobre los precios futuros o las condiciones de transversalidad. Asi, en lugar de maximizar el valor presente de los flujos de caja por unidad de capital, como un indice de desempeno, la empresa maximiza el valor actual del flujo de caja por unidad de capital.

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Bibliographic Info

Article provided by Universidad de Guadalajara, Centro Universitario de Ciencias Economico Administrativas, Departamento de Metodos Cuantitativos y Maestria en Economia. in its journal EconoQuantum, Revista de Economia y Negocios.

Volume (Year): 3 (2007)
Issue (Month): 2 (Enero-Junio)
Pages: 71-88

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Handle: RePEc:qua:journl:v:3:y:2007:i:2:p:71-88

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Keywords: Economics; investment; analysis.;

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  1. Léonard,Daniel & Long,Ngo van, 1992. "Optimal Control Theory and Static Optimization in Economics," Cambridge Books, Cambridge University Press, number 9780521331586, April.
  2. Robert E. Lucas & Jr., 1967. "Adjustment Costs and the Theory of Supply," Journal of Political Economy, University of Chicago Press, vol. 75, pages 321.
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