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頁籤選單縮合
題名 | 供需皆不確定情況下的可逆轉與不可逆轉投資 |
---|---|
作者姓名(中文) | 周治邦; | 書刊名 | 中山學術論叢 |
卷期 | 13 1995.06[民84.06] |
頁次 | 頁243-261 |
分類號 | 553.721 |
關鍵詞 | 不可逆轉; 磁滯現象; 臨界價格; Irreversible; Hysteresis; Trigger price; |
語文 | 中文(Chinese) |
中文摘要 | 首先,以一個面對供需狀況皆不確定的完全競爭廠商為研究對象,獲得下列結論:(一)假設廠商投資決策是「不可逆轉」,則會發生「磁滯現象」。換言之,與供需皆確定的情況相比,不確定情況下的「進入臨界價格」較高,而「退出臨界價格」較低。(二)定額銷售稅與比例銷售稅稅率對「進入臨界價格」及「退出臨界價格」都有正面影響,而提高利潤稅稅率則會加強「磁滯現象」。(三)政府提供穩定的投資環境不一定較租稅誘因更能刺激投資。 |
英文摘要 | We consider a competitive risk-neutral firm which faces both uncertain output prices and variable costs. A closed-form formula for such a firm's investment value is obtained, assuming its investment decision is reversible. An irreversible investment decision is then introduced. We show that the entry trigger price is higher, while the exit trigger price is lower, under uncertainty than under certainty. This "hysteresis" result also appears in Dixit (1989), who considers demand uncertainty only. Three policy instruments are also considered: a fixed amount of sales tax, a proportional sales tax rate, and a profits tax rate. The first two have a positive effect on both the entry and exit trigger prices, while an increase in the last one reinforces "hysteresis." Moreover, a stabile and credible policy may not be so effective as tax incentives in stimulating investment. |
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