Costly Reversible Investment With Fixed Costs
应用广义摩擦模型分析带有固定成本的高代价可逆投资，比较五种投资模型，发现高代价可逆性与固定成本模型最优，并暗示存在凸调整成本。
The analysis presented here applies a generalized version of the friction model to costly reversible investment with fixed costs of investment. The analysis investigates three U.S. industries: the computer and office equipment industry, the automobile industry, and the airline industry. Five different investment models are compared. Because some models are nonnested, the analysis employs Vuong's test of model selection. The analysis shows that the investment model with costly reversibility and fixed costs is the best among the models. In addition, the analysis suggests the existence of convex adjustment costs of investment.