The Effect of Time-to-Build on Strategic Investment under Uncertainty
研究建设周期（从投资决策到投产的时滞）如何改变企业在需求不确定下的战略投资权衡，并导致企业分步投资的新均衡，影响企业异质性、投资时机、等待期权价值、价格演变和社会福利。
We show that time-to-build, which creates a lag between the decision to invest and production, is an important element of industry structure. We study a multiperiod investment game where there is demand uncertainty. Adding time-to-build to the model alters the classic tradeoff between making strategic commitments and exploiting the option to wait. Furthermore, time-to-build gives rise to novel equilibria in which firms invest incrementally, which contrasts with most prior work on multiperiod investment games in which firms invest only once. We show how time-to-build affects firm heterogeneity, investment timing, the option value of waiting, the evolution of prices, and social welfare.