Investment and Disinvestment Principles with Nonconstant Prices and Varying Firm Size Applied to Beef‐Breeding Herds
针对肉牛价格周期性波动，发现可变育种群规模是最优的，并基于成本曲线和有限滚动规划期内的贴现净收益流，为可变企业规模制定了最优投资（补栏）与撤资（淘汰）规则。
Abstract Variable beef‐breeding herd sizes are found to be optimal given cyclical beef prices. Traditional replacement theory does not allow variable firm size because unequal investment (replacement) and disinvestment (culling) rates are not possible. If firm size changes, cost of production per unit endogenously changes given a u‐shaped cost curve. Optimal investment and disinvestment rules for variable firm size are developed based upon the firm's cost curve and discounted net revenue flows for a finite rolling planning horizon. Current and future investment and disinvestment decisions are linked by their mutual effect on firm size and hence production cost per unit.