A note on the theory of investment: Hotelling's rule under process independence
This note shows that the welll-known Hotelling rule holds for a wider class of capital investment projects with a property of process independence. Optimality behavior is therefore not a necessary condition for deriving the result.
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|Date of creation:||10 Oct 2008|
|Publication status:||Published in Letters in Spatial and Resource Sciences, 2010.|
|Contact details of provider:|| Postal: Department of Economics, Umeå University, S-901 87 Umeå, Sweden|
Phone: 090 - 786 61 42
Fax: 090 - 77 23 02
Web page: http://www.econ.umu.se/
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