Investment under Uncertainty and Dynamic Adjustment in the Finnish Pork Industry
用随机对偶模型研究芬兰养猪业的结构调整，发现投资对不确定性反应为负，且劳动力在收缩期调整慢于扩张期，对芬兰加入欧盟后的产业调整有启示。
Abstract A stochastic dual model of investment under uncertainty is used to investigate structural adjustment in the Finnish hog industry. Value function restrictions are found to be comparable to those in existing dual models assuming deterministic state variables. The model also allows for an asymmetry in investment response during capital expansion and contraction phases. Empirical results show that investments respond negatively to increased uncertainty and that labor adjusts more slowly during contraction phases than during expansions. Results on economies of size, uncertainty effects, and adjustment rigidities have important implications for hog industry response to Finland's entry into the EU.