A note on competitive investment under uncertainty
阐明在竞争市场均衡中，不确定性如何影响不可逆投资。自由进入下，不可逆性改变未来价格分布，产生等待的机会成本；不确定性虽能提高边际资本价值，但无限期界下机会成本更大，从而减少投资。
This paper clarifies how uncertainty affects irreversible investment in a competitive market equilibrium. With free entry, irreversibility affects the distribution of future prices, and thereby creates an opportunity cost of investing now rather than waiting. As with an imperfectly competitive firm, uncertainty can also increase the value of a marginal unit of capital. I show that with an infinite horizon, the opportunity cost is larger than this increase in value, so that uncertainty reduces investment.