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Investment in Greek Manufacturing under Irreversibility and Uncertainty : the Message in Used Capital Expenditures

[Zeitschriftenartikel]

Drakos, Konstantinos Dimitrios; Goulas, Eleftherios

Zitationshinweis

Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-253978

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Abstract This paper contributes to the existing literature by showing that uncertainty produces a non-uniform impact to the extent that different types of capital goods exhibit heterogeneous irreversibility, which we define as asset-specific irreversibility. Hence, asset-specific irreversibility is responsible for asymmetries in responses across types of capital goods to uncertainty. We also show that for a given type of capital good, uncertainty produces a variety of responses across sectors, which we define sector-specific irreversibility. In other words, sectoral differences in terms of the ability to substitute a given type of capital with labour, introduce a second-order effect of uncertainty on investment.
Klassifikation Volkswirtschaftstheorie; Finanzwirtschaft, Rechnungswesen
Freie Schlagwörter Investment; Irreversibility; Uncertainty
Sprache Dokument Englisch
Publikationsjahr 2010
Seitenangabe S. 1797-1809
Zeitschriftentitel Applied Economics, 42 (2010) 14
DOI http://dx.doi.org/10.1080/00036840701736040
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)
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