Wait-and-see: Investment options under policy uncertainty

被引：106

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.

引用

页码：246 / 265

页数：20

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