On the Neoclassical Theory of Investment and Tobin's q

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F62690094%3A18450%2F09%3A00002507" target="_blank" >RIV/62690094:18450/09:00002507 - isvavai.cz</a>

Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

On the Neoclassical Theory of Investment and Tobin's q

Popis výsledku v původním jazyce

The neoclassical theory of investment considers a firm's optimization behavior - the objective of the firm is to maximize the present value of the firm subject to some technological constraints. Another concept of investment was developed by Tobin who suggested that the rate of investment is a function of $q,$ defined as the ratio of the market value of new additional investment goods to their replacement cost. It was shown by Hayashi that the two different approaches to investment can be integrated andthat $q$ can be interpreted as the value to the firm of an additional unit of capital, which is the discounted value of its future marginal revenue products. This can be demonstrated from an application of Pontryagin's maximum principle. In the presentpaper we consider a similar problem. We present necessary conditions for an infinite horizon optimal control problem to find an optimal investment behavior of a firm.

Název v anglickém jazyce

On the Neoclassical Theory of Investment and Tobin's q

Popis výsledku anglicky

The neoclassical theory of investment considers a firm's optimization behavior - the objective of the firm is to maximize the present value of the firm subject to some technological constraints. Another concept of investment was developed by Tobin who suggested that the rate of investment is a function of $q,$ defined as the ratio of the market value of new additional investment goods to their replacement cost. It was shown by Hayashi that the two different approaches to investment can be integrated andthat $q$ can be interpreted as the value to the firm of an additional unit of capital, which is the discounted value of its future marginal revenue products. This can be demonstrated from an application of Pontryagin's maximum principle. In the presentpaper we consider a similar problem. We present necessary conditions for an infinite horizon optimal control problem to find an optimal investment behavior of a firm.

Druh

D - Stať ve sborníku

CEP obor

BB - Aplikovaná statistika, operační výzkum

OECD FORD obor

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Projekt

<a href="/cs/project/GA402%2F09%2F0405" target="_blank" >GA402/09/0405: Rozvoj nestandardních optimalizačních metod a jejich aplikace v ekonomii a managementu</a><br>

Návaznosti

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Rok uplatnění

2009

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

Mathematical methods in economics 2009 : international scientific conference

ISBN

978-80-213-1963-9

ISSN

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e-ISSN

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Počet stran výsledku

5

Strana od-do

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Název nakladatele

Česká zemědělská univerzita

Místo vydání

Praha

Místo konání akce

Kostelec nad Černými lesy

Datum konání akce

9. 9. 2009

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

000275146900050