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Firms' investment decisions in response to demand and price uncertainty

[Zeitschriftenartikel]

Vermeulen, Philip; Fuss, Catherine Isabelle

Zitationshinweis

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Abstract We investigate the effect of demand and price uncertainty on firms' planned and realized investment from a panel of manufacturing firms. Uncertainty measures are derived from firms' own expectations about demand and prices and firm's sales. We find that demand uncertainty at the time of planning depresses planned and subsequent realized investment. Firms do not revise their plans due to demand uncertainty at the time of spending, suggesting that reducing demand uncertainty will only have lagged effects on investment. We do not find any effect of price uncertainty. Our results are consistent with the behavior of monopolistic firms with irreversible capital.
Klassifikation Volkswirtschaftslehre; Management
Freie Schlagwörter investment; uncertainty; real options; survey data; panel data
Sprache Dokument Englisch
Publikationsjahr 2008
Seitenangabe S. 2337-2351
Zeitschriftentitel Applied Economics, 40 (2008) 18
DOI http://dx.doi.org/10.1080/00036840600959909
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)
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