The Efficiency of Investment in the Presence of Aggregate Demand Spillovers
指出，当存在总需求溢出效应时，企业利润与总收入正相关，产生乘数效应，但企业投资决策忽略此乘数，导致私人最优投资低于社会最优水平。
In the presence of aggregate demand spillovers, an imperfectly competitive firm's profit is positively related to aggregate income, which in turn rises with profits of all firms in the economy. This pecuniary externality makes a dollar of a firm's profit raise aggrega te income by more than a dollar, since other firms' profits also rise, and in this way gives rise to a "multiplier." Since such multipliers are ignored by firms making investment decisions, privately optimal investment decisions under uncertainty will not, in general, be socially optimal. Under reasonable conditions, investmen t is too low. Copyright 1988 by University of Chicago Press.