Time-to-Build and Investment
研究建设周期技术对投资动态的影响，发现它能解释投资的正自相关性和大部分波动，且投资对Q值反应不对称，支持不可逆性观点。
The paper investigates the effect of the time-to-build technology on investment dynamics. It explains the positive autocorrelation of investment by showing that investment is serially correlated once the time-to-build technology is taken into account. The paper also shows that the time-to-build technology can explain a substantial portion of the variation in aggregate investment data. Using estimated marginal Q, the paper illustrates that investment responds asymmetrically to different levels of Q (a fact in favor of the irreversibility argument). © 2000 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology