A Putty-Clay Model of Demand Uncertainty and Investment
用一个简单模型探讨需求风险增加如何影响企业固定投资，发现油灰-黏土框架下存在两种相反效应：风险增加促使企业扩大产能，但最优资本密集度下降。
This paper uses a simple model to explore the effects of "increasing demand risk" on business fixed investment.We show that within a putty-clay framework an increase in demand uncertainty can be expected to have two countervailing effects.On the one hand increasing risk tends to induce a firm to increase its capacity, but on the other hand the optimal capitalintensity of that capacity decreases.* This paper is related to an unpublished piece by Hart (1973).The conclusions of that earlier paper are basically unchanged, but the methods of demonstrating those conclusions are quite different.A suggestion by Guillermo Calvo that aided in the proof of the final proposition is gratefully acknowledged.