A model of capacity choice under Knightian uncertainty | |
Niu, Yingjie1; Zhou, Lei1; Zou, Zhentao2 | |
刊名 | ECONOMICS LETTERS
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2019-01 | |
卷号 | 174页码:189-194 |
关键词 | Capacity choice Knightian uncertainty Assets in place Growth opportunities |
ISSN号 | 0165-1765 |
DOI | 10.1016/j.econlet.2018.11.024 |
英文摘要 | This paper introduces Knightian uncertainty into the standard model of capacity choice and investigates its impact on the firm's expansion decision. First, we find Knightian uncertainty reduces both the firm value and marginal value of capital. Under Knightian uncertainty, the firm's expansion decision is shown to be more conservative. When the firm value is decomposed into the value of assets in place and growth opportunities, we find the value reduction caused by Knightian uncertainty is much more substantial for the value of growth opportunities. Finally, the implications of the user cost of capital and stationary distribution of firm value are also examined. (C) 2018 Elsevier B.V. All rights reserved. |
WOS研究方向 | Business & Economics |
语种 | 英语 |
出版者 | ELSEVIER SCIENCE SA |
WOS记录号 | WOS:000456759700044 |
内容类型 | 期刊论文 |
源URL | [http://10.2.47.112/handle/2XS4QKH4/405] ![]() |
专题 | 上海财经大学 |
通讯作者 | Zou, Zhentao |
作者单位 | 1.Shanghai Univ Finance & Econ, Shanghai, Peoples R China; 2.Wuhan Univ, Econ & Management Sch, Wuhan, Hubei, Peoples R China |
推荐引用方式 GB/T 7714 | Niu, Yingjie,Zhou, Lei,Zou, Zhentao. A model of capacity choice under Knightian uncertainty[J]. ECONOMICS LETTERS,2019,174:189-194. |
APA | Niu, Yingjie,Zhou, Lei,&Zou, Zhentao.(2019).A model of capacity choice under Knightian uncertainty.ECONOMICS LETTERS,174,189-194. |
MLA | Niu, Yingjie,et al."A model of capacity choice under Knightian uncertainty".ECONOMICS LETTERS 174(2019):189-194. |
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