Aggregate Investment and Consistent Intertemporal Technologies
研究行业层面是否存在一个加总技术来一致地模拟多个竞争性企业的投资行为，给出了存在性条件并讨论了实证含义。
It is frequent practice to model an industry or economy as if it were a single agent solving a single optimization problem. A model of firm behavior which has had extensive use as an aggregative model is the adjustment cost model of investment. We assume there are a number of competitive firms in an industry that choose investment paths to maximize their present value; the technologies of the firms exhibit capital stock adjustment costs. For general concave technologies of the firms, there is no aggregate concave technology that can represent the technological possibilities available to the industry. We find conditions on the technologies of the firms that are necessary and sufficient for the existence of an aggregate technology that can consistently model the industry's behavior and discuss their empirical implications.