Capital adjustment costs and firm risk aversion

被引：4
|
作者：
Poveda, EC [1 ]
机构：
[1] SUNY Stony Brook, Dept Econ, Stony Brook, NY 11794 USA
来源：
ECONOMICS LETTERS | 2003年 / 81卷 / 01期
关键词：
adjustment costs; RBC model; analytical solution;
D O I：
10.1016/S0165-1765(03)00150-2
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We show that the equilibrium of a standard real business cycle model with capital adjustment costs can be supported as an equilibrium with a risk averse firm and no adjustment costs. Our result sheds light on the implications of a utility maximizing (UM) firm, which is one of the approaches proposed in the literature to get around the firm objective problem when markets are incomplete. (C) 2003 Elsevier B.V. All rights reserved.
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页码：101 / 107
页数：7
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