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Theory of Adjustment Costs
A Models of Intermittent and Lumpy Investment
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actual capital Adjacent I/K adjustment cost structures average investment rates Cameroon Ghana Kenya capital rate capital stock CHP model coefficients convex function countries descriptive statistics desired and actual desired capital disinvestment distribution duration dependence duration dummies dynamic panel logit econometric empirical firm investment firm's fixed costs fixed effects Fixed Effects Estimates full sample Ghana Kenya Zimbabwe Goolsbee and Gross hazard estimates hazard function hazard is flat imbalance implies inaction initial conditions investment model investment spikes Kenya Zimbabwe Zambia kink large investment likelihood logit model lumpy investment mandated investment Mean I/K microeconomic non-zero investment nonparametric NPML number of firms output percent piecewise linear costs positive investment probability of investing profit rate proportion of firms quadratic adjustment costs quadratic costs random effects model regressors retrospective information Sample Hazard sample of 821 significant sloping hazard small firms standard errors Table total investment U.S. dollars unobserved heterogeneity Wald test zero investment episodes