Wait-and-see: Investment options under policy uncertainty

被引：102
|
作者：
Stokey, Nancy L. [1 ]
机构：
[1] Univ Chicago, Chicago, IL 60637 USA
来源：
REVIEW OF ECONOMIC DYNAMICS | 2016年 / 21卷
关键词：
Policy uncertainty; Investment; Option value; Business cycles; NEWS;
D O I：
10.1016/j.red.2015.06.001
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper develops a model of investment decisions in which uncertainty about a one-time change in tax policy induces the firm to temporarily stop investing-to adopt a wait-and-see policy. After the uncertainty is resolved, the firm exploits the tabled projects, generating a temporary investment boom. (C) 2015 Elsevier Inc. All rights reserved.
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页码：246 / 265
页数：20
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