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The Net Present Value in Dynamic Models of the Firm
The Net Present Value in Dynamic Adjustment Cost Models
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activity adjustment cost function adjustment cost model amount of cash analysis Appendix assume Bensoussan and Lesourne boundary capital goods stock capital rate CAPM cash-region cash/dividend Chapter concave adjustment cost conclude constant control theory convex adjustment cost debt financing decreases depreciation derive differential equation dividend-region dS dK e"iT economic equal to zero equity expected earnings feasible paths Feichtinger and Hartl financial structure finite firm's greater than zero Hamilton-Jacobi-Bellman equation Hamiltonian holds on path implies includes the K-axis increase cash infeasible investment impulse investment policy investment-region investment/dividend Lagrange multiplier Lagrangian Lemma level of capital Loon marginal earnings marginal investment equals master trajectory maximize necessary conditions obtain optimal control optimal investment optimal solution optimal trajectories passes into path pay out dividend planning period preference rate Present Value Formulas production rate of return returns to scale Schijndel 1988 shareholders substituting theory transversality condition upperbound value of marginal