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Investment and Exit Decisions at the Plant Level by Joachim Winter
Investment and Exit Decisions at the Plant Level by Joachim Winter
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Investment and Exit Decisions at the Plant Level

A Dynamic Programming Approach
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Description

This book develops a dynamic programming framework for the analysis of firms' joint investment and market exit decisions and reviews methods for econometric estimation of such models. In an empirical application of this framework, a version of this model that allows for financial constraints is estimated by structural methods, using a plant-level dataset for a sample of U.S. firms. The empirical analysis shows that both the plant's productivity and firm-level financial constraints have important effects on plant-level investment and exit decisions. The main contribution of the book to the empirical investment literature is the application of a mixed discrete-continuous Markov process framework to investment and exit decisions, and the structural estimation using a full-information maximum-likelihood method, the nested fixed-point algorithm.
Release date Australia
October 20th, 1998
Audiences
  • Postgraduate, Research & Scholarly
  • Professional & Vocational
Edition
Softcover reprint of the original 1st ed. 1998
Illustrations
X, 186 p.
Pages
186
Dimensions
156x234x10
ISBN-13
9783790811544
Product ID
12884447

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