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The Balancing Off of Time Preference and Increasing Returns to Scale in Expanding Capacity

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  • John Hartwick

Abstract

The marginal condition indicating whether it is optimal to expand capacity at time t or t+1 is used to examine characteristics of optimal investment programs for cases of economies of scale. A case where the interval between consecutive investments approaches a geometric rate is derived. The previously unexplored case where the costs of adding capacity have a fixed and variable component is analyzed and new comparative static results are noted.

Suggested Citation

  • John Hartwick, 1976. "The Balancing Off of Time Preference and Increasing Returns to Scale in Expanding Capacity," Working Paper 238, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:238
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