Abel and Eberly (1999) prove that uncertainty has an ambiguous effect onlong run capital accumulation in a real options model. We show that, withadjustment costs quadratic in investment, more uncertainty reduces capitaland this effect may be large.
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机译:Abel and Eberly(1999)证明,在实物期权模型中,不确定性对长期资本积累产生模糊的影响。我们表明,在投资中调整成本为二次方的情况下,更多的不确定性减少了资本,这种影响可能很大。
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