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Year: 1998 Publisher: Cambridge, Mass. National Bureau of Economic Research
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Book
Year: 1998 Publisher: London Centre For Economic Policy Research. Discussion Paper Nr. 1935 - International Macroeconomics
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Year: 1998 Publisher: Cambridge, Mass. National Bureau of Economic Research
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We develop continuous-time models of capacity choice when demand fluctuates stochastically, and the firm's opportunities to expand or contract are limited. Specifically consider costs of investing or disinvesting that vary with time, or with the amount of capacity already installed. The firm's limited opportunities to expand or contract create call and put options on incremental units of capital; we show how the values of these options affect the firm's investment decisions.
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