The Effect of Risk on the Firm's Optimal Capital Stock: A Note
扩展了不确定性下投入组合选择的研究，证明扰动项的性质和决策顺序是决定不确定性对最优投入组合影响的关键因素，并区分了系统性和非系统性风险的不同效应。
In this paper we extend the recent work on the choice of input mix under uncertainty. In particular, we demonstrate that the qualitative nature of the disturbance term, along with the decision sequence, is a crucial determinant of the overall effect of uncertainty on the optimal input mix of a firm. Using general demand and production functions in conjunction with a mean-variance framework for financial valuation, we demonstrate the differential effects of systematic and non-systematic risk on the firm's choice of an optimal input mix. Consistent with earlier work in economics, this analysis demonstrates that uncertainty, regardless of the source, has important implications for the firm's choice of technology.