Specification of the Technology for Neoclassical Investment Theory: Testing the Adjustment Costs Approach
实证检验调整成本的性质及其对投资模型的影响，发现调整成本模式与企业优化问题一致，但比文献通常假设的更复杂，且占新资本品单位成本的显著部分。
The paper provides an empirical investigation into the nature of adjustment costs and their implications for modelling the investment process.In particular, their role in today's most popular models of investment, the rational flexible accelerator and Tobin's q, is considered.In the analysis it is assumed that costs of adjusting the level of quasi-fixed inputs affect the firm's operations independently of specific optimal decision rules for investment.The results show that the pattern of adjustment costs is consistent with the solution of the optimization problem faced by the firm.However, such structure is more complex than what is usually postulated in the literature.Finally, costs of adjustment represent a significant portion of the unit cost of new capital goods.