An Adjustment‐Cost Rationalization of Asset Fixity Theory
通过放松调整成本函数在原点的平滑性假设，将资产固定性理论与动态调整成本模型整合，并指出调整成本函数的平滑性和对称性应接受实证检验。
Abstract This article integrates a classic concept in production economics (G. L. Johnson's asset fixity theory) with the dynamic adjustment cost model. Until now the literature has considered these two to be incompatible. By relaxing the smoothness assumption of the adjustment cost function at the origin, the theory of costs of adjustment can provide a rigorous endogenization of asset fixity. G. L. Johnson and Edwards' results are then obtained when the linearity assumption of the adjustment cost function is imposed. The work reported here also indicates that both smoothness at the origin and symmetry of adjustment cost function should be subject to empirical tests.