Investment in Competitive Equilibrium: The Optimality of Myopic Behavior
证明，在竞争均衡中，即使价格过程是内生的，单个企业面对外生价格过程的最优不可逆投资策略仍然可能是最优的，为计算均衡投资策略提供了简便方法。
There is an extensive literature on the optimal irreversible investment strategy of a solitary firm facing an exogenous price process. This paper shows that the investment strategies that this literature derives may be optimal in competitive equilibrium even though the price process is now endogenous. This provides a simple means for computing equilibrium investment strategies.