Endnote export
%T Investment in Greek Manufacturing under Irreversibility and Uncertainty: the Message in Used Capital Expenditures %A Drakos, Konstantinos Dimitrios %A Goulas, Eleftherios %J Applied Economics %N 14 %P 1797-1809 %V 42 %D 2010 %K Investment; Irreversibility; Uncertainty %= 2011-06-09T10:55:00Z %~ http://www.peerproject.eu/ %> https://nbn-resolving.org/urn:nbn:de:0168-ssoar-253978 %X 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. %C GBR %G en %9 journal article %W GESIS - http://www.gesis.org %~ SSOAR - http://www.ssoar.info