The "New" View of Investment Decisions and Public Policy Analysis: An Application to Green Lights and Cold Refrigerators

Gilbert E. Metcalf · Donald Rosenthal

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Gilbert E. Metcalf, Donald Rosenthal, The "New" View of Investment Decisions and Public Policy Analysis: An Application to Green Lights and Cold Refrigerators, Journal of Policy Analysis and Management, Vol. 14, No. 4 (Autumn, 1995), pp. 517-531

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References

1970The Market for "Lemons": Quality Uncertainty and the Market Mechanism 1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1975THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.]1990Irreversibility, Uncertainty, and Investment 1990Firing Costs and Labour Demand: How Bad is Eurosclerosis?1986Irreversible Investment, Capacity Choice and the Value of the Firm 1989Hysteresis, Import Penetration, and Exchange Rate Pass-Through 1988Option Valuation of Claims on Real Assets: The Case of Offshore Petroleum Leases

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