Risk-aversion and the uncertainty-investment relationship: a note

被引：35

作者：

Nakamura, T ^{[1
]}

机构：

[1] Yamaguchi Univ, Fac Econ, Yamaguchi 753, Japan

来源：

JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION | 1999年 / 38卷 / 03期

关键词：

risk aversion; uncertainty; investment; expected utility maximization;

D O I：

10.1016/S0167-2681(99)00015-3

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper demonstrates that the effect of output price uncertainty on firm investment may be negative for a competitive risk-averse firm with a constant return to scale technology. It shows that a degree of relative risk aversion compared to an elasticity of output to labor in a production function is a crucial factor in determining the sign of the investment-uncertainty relationship for a competitive firm. (C) 1999 Elsevier Science B.V. All rights reserved.

引用

页码：357 / 363

页数：7