Inertia in disinvestment decisions: experimental evidence
通过实验研究农业企业家撤资决策的时机，发现实物期权模型比传统理论更能预测实际行为，但实验中的撤资惰性比理论预测更强，表明需纳入情感等非货币因素。
In this paper we analyse the timing of disinvestment decisions by applying a real options approach to explain the experimentally observed disinvestment behaviour of agricultural entrepreneurs. Within this framework the tendency to postpone exit and termination choices can be rationalised. The validity of the real options theory is assessed by means of economic experiments. Our results show that real options models can predict actual disinvestment decisions better than traditional investment theory. Nevertheless, the reluctance to disinvest observed in the experiments was even more pronounced than that predicted by the theory. This finding suggests that non-monetary aspects such as emotions, attachment to farming and different facets of psychological inertia should be incorporated into disinvestment models. , Oxford University Press.