Strategic Consequences of Historical Cost and Fair Value Measurements*
研究不完全竞争市场中非金融资产的计量方式，分析历史成本与公允价值如何影响企业的投资和经营活动，并揭示公允价值因企业战略互动而难以实施的问题。
This paper examines the measurement of non-financial assets in imperfectly competitive markets and considers the effect of alternative measurements on firms' investing and operating activities. We analyze a duopoly where each firm manufactures, reports, and thereafter sells its inventory. We initially characterize the informativeness of a firm's accounting report when it is prepared using historical cost and find a firm's report does not always reveal its level of inventory. We then characterize the informativeness of a report when it is prepared using fair value and find it completely reveals a firm's inventory holding. We highlight the difficulty of implementing fair value measurements that arise because fair value is an endogenous consequence of the strategic interaction between firms.