Risk-aversion and the investment-uncertainty relationship: The role of capital depreciation

被引：4

作者：

Femminis, Gianluca ^{[1
]}

机构：

[1] Univ Cattolica Sacro Cuore, Dept Econ, I-20123 Milan, Italy

来源：

JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION | 2008年 / 65卷 / 3-4期

关键词：

investment; uncertainty; risk aversion; capital depreciation;

D O I：

10.1016/j.jebo.2006.03.003

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Some recent contributions [Nakamura, T., 1999. Risk-aversion and the uncertainty-investment relationship: a note. Journal of Economic Behavior and Organization 38, 357-363; Saltari, E., Ticchi, D., 2005. Risk-aversion and the investment-uncertainty relationship: a comment. Journal of Economic Behavior and Organization 56, 121-125] suggest that investments react negatively to uncertainty when the risk aversion index characterizing firm's preferences is lower than one but higher than the labour income share of output. We show that this result crucially depends on the assumption of complete capital depreciation after production. When realistic values for the capital depreciation parameter are taken into account, the investment-uncertainty relation is negative for values of the risk-aversion index larger than unity. (C) 2006 Elsevier B.V. All rights reserved.

引用

页码：585 / 591

页数：7

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