An exact solution for the investment and value of a firm facing uncertainty, adjustment costs, and irreversibility
推导了具有不变规模报酬生产函数和凸调整成本的竞争性企业在可逆与不可逆投资下的投资与价值的闭式解，发现不可逆性不影响资本的影子价值q，但降低企业基础价值。
This paper derives closed-form solutions for the investment and value of a competitive firm with a constant-returns-to-scale production function and convex costs of adjustment. Solutions are derived for the case of irreversible investment as well as for reversible investment. Optimal investment is a non-decreasing function of q, the shadow value of capital. Relative to the case of reversible investment, the introduction of irreversibility does not affect q, but it reduces the fundamental value of the firm.