Technical Change, Uncertainty, and Investment

Spiro E. Stefanou

24 citations0/0 files storedAmerican Journal of Agricultural Economics

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Capital Investment and Risk Analysis Agricultural economics and policies Economic Growth and Productivity

Abstract

Abstract The expected investment dynamics of the risk‐neutral firm is examined in the presence of uncertainty in the future evolution of the real wage and the stock of technical knowledge. A model of the adjustment cost firm is developed that is characterized by quasi‐fixed, factor‐augmenting technical change that is taken exogenously by the firm. The effect of wage and technical change uncertainty on investment behavior is assessed using comparative stochastic dynamic analysis.

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References

1972The effects of price and cost uncertainty on investment 1984Uncertainty in the Theory of Renewable Resource Markets 1982Adjustment Costs, Uncertainty, and the Behavior of the Firm 1986Decision and Control in Uncertain Resource Systems.1977Investment and Employment Decisions 1972SOME ECONOMIC CONSEQUENCES OF ANTICIPATING TECHNICAL ADVANCE 1978Resource Extraction when a Future Substitute has an Uncertain Cost 1985A Programming Model with Stochastic Technology and Prices: The Case of Australian Agriculture

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