Time-to-Build, Delivery Lags, and the Equilibrium Pricing of Capital Goods
在投资的建设周期模型中，刻画了投资支出、最优资本存量和实际利率的行为，推导出新旧资本品的均衡定价关系，并指出交付滞后模型存在设定偏误，且用股市数据衡量托宾q不恰当。
This paper characterizes the behavior of investment expenditures, optimal capital stocks, and real interest rates in the time-to-build model of investment. The paper derives equilibrium pricing relationships involving the prices of new and used capital and uses these relationships to obtain simple tests of the underlying investment technology. The paper also demonstrates that empirical versions of the delivery lag model are misspecified because the term structure of interest rates over the time horizon for which investment yields productive capital are omitted and that the use of stock market data to measure Tobin's q is inappropriate within the time-to-build model. Copyright 1993 by Ohio State University Press.