Investment behaviour and vintage modelling:
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| Main Author: | |
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| Format: | Book |
| Language: | English |
| Published: |
1995
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Groningen, Rijksuniv., Diss. |
| Physical Description: | XIV, 194 S. graph. Darst. |
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| 100 | 1 | |a Kuper, Gerard H. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Investment behaviour and vintage modelling |c door Gerard Hendrik Kuper |
| 264 | 1 | |c 1995 | |
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Record in the Search Index
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| adam_text | Contents
List of Tables xiii
List of Figures xiv
1 Introduction 1
1.1 Aim and context 1
1.2 Theoretical background 2
1.3 Approach 5
1.4 A complete setting 7
1.5 Outline 8
1 Theory 9
2 Theory of production 11
2.1 Introduction 11
2.2 Technology 12
2.2.1 Post Keynesian growth models 12
2.2.2 Neoclassical models 13
2.3 Characteristics of production functions 14
2.4 Heterogeneous inputs 17
2.5 Decay and scrapping 20
2.6 Summary 22
3 Prewar theories of investment 23
3.1 Introduction 23
3.2 Earlier theories of investment 23
3.2.1 The acceleration principle 23
3.2.2 Fisher on investment 29
3.2.3 Schumpcter s system 33
3.3 Keynes on investment 34
3.3.1 Terminology 35
3.3.2 Interpretations 36
3.4 Summary 44
ix
Contents
4 Postwar theories of investment 45
4.1 Introduction 45
4.2 Neoclassical theory 45
4.2.1 Costs of adjustment 49
4.2.2 Irreversible investment decisions and delivery lags 52
4.3 Tobin s q 53
4.3.1 Empirical implementation 54
4.3.2 Marginal versus average q 54
4.4 Some extensions 56
4.4.1 Demand and employment constraints 56
4.4.2 Tax regime and investment 57
4.5 Some related topics 58
4.5.1 Uncertainty 58
4.5.2 Financial constraints 64
4.6 Summary 66
II Towards empirical modelling 69
5 Models and data 71
5.1 Introduction 71
5.2 Vintage models 71
5.2.1 Vintage modelling abroad 71
5.2.2 Vintage modelling in the Netherlands 74
5.3 Data 76
5.3.1 Stationarity 78
5.3.2 Some stylized facts 81
5.4 Summary 89
6 The model 91
6.1 Introduction 91
6.2 Production structure 92
6.2.1 Net yield 93
6.2.2 Values, or aggregated prices 94
6.2.3 Investment costs 96
6.2.4 Net present value 97
6.2.5 The production function 97
6.3 The entrepreneur s optimization problem 98
6.3.1 The static case 98
6.3.2 The dynamic case 99
6.4 The working of the model 103
6.4.1 An increase in the price of energy 106
x
Contents
6.4.2 An increase in the price of labour 109
6.5 An illustration: A q model of investment 111
6.6 Long run properties 114
6.7 Summary 116
7 Estimation 117
7.1 Introduction 117
7.2 Estimation results 117
7.2.1 Algorithms and methodology 118
7.2.2 Aggregation 119
7.2.3 Estimation results 120
7.2.4 Quality of fit 123
7.3 Sensitivity analysis 134
7.3.1 Sensitivity to a 134
7.3.2 Sensitivity to e 136
7.3.3 Sensitivity to Su 137
7.4 Summary 137
8 Summary and conclusions 139
8.1 Summary 139
8.2 Conclusions 140
8.3 Further research 144
Appendices 145
A Data 147
A.I Introduction 147
A.2 Sectoral classification 148
A.3 Sources of data 149
A.4 The input output system 153
A.4.1 Deflating I/O tables 154
A.4.2 Gross fixed capital formation 157
A.4.3 Energy input 158
A.5 Sectoral data 158
B Mathematics 161
B.I Symbols used in part II 161
B.2 Maximum likelihood 162
B.2.1 Simplifying assumptions 163
B.2.2 Alternate assumptions 164
B.2.3 Further fudge factors 165
B.3 Arithmetic 166
xi
Contents
B.3.1 The tax discount factor M 166
B.3.2 Gamma distributions 166
B.3.3 The values ft 167
B.3.4 Cumulating vintages 169
B.3.5 Some more calculations 170
C Macroeconomic data and estimation results 172
Bibliography 175
Author Index 185
Subject Index 188
Samenvatting (summary in Dutch) 191
xii
List of Tables
2.1 Types of vintage models 18
5.1 Putty clay vintage models outside the Netherlands 72
5.2 Elasticities of substitution in SERENA (1960 1976) 74
5.3 Empirical putty day vintage models for the Netherlands 75
5.4 Augmented Dickey Fuller [ADF(t,l)] test statistics 79
5.5 Augmented Dickey Fuller [ADF(c,l)] test statistics 80
5.6 Critical values 81
5.7 Sources of input, destination of output, 1985, in percentages. 82
5.8 Branches of industry for the food sector 83
5.9 Branches of industry for the textiles sector 84
5.10 Branches of industry for the wood sector 85
5.11 Branches of industry for the chemical sector 86
5.12 Branches of industry for the metal sector 87
6.1 Reaction in case input J becomes relatively expensive 107
6.2 Results in case energy J becomes relatively expensive 107
7.1 Estimation results 121
7.2 A comparison of results 122
7.3 Vintage bookkeeping for the food sector 125
7.4 Vintage bookkeeping for the textiles sector 127
7.5 Vintage bookkeeping for the wood sector 129
7.6 Vintage bookkeeping for the chemical sector 131
7.7 Vintage bookkeeping for the metal sector 133
7.8 Sensitivity to a 135
7.9 Sensitivity to e 136
A.I The I/O table 147
A.2 The relation between ISIC and SBI 150
A.3 Branches of industry, according to CBS and CPB 151
A.4 Our classification 153
A.5 The I/O table in more detail 154
A.6 The macroeconomic aggregates for 1985 (million DfL) 155
A.7 Fraction of investment in machines (on average) 158
A.8 Fraction of energy imported (on average) 159
C.I Macroeconomic estimation results 173
xiii
List of Figures
1.1 Sketch of investment theory 4
1.2 Optimal production technique 6
1.3 A full fledged model 7
2.1 Fixed coefficients production function 13
2.2 Continuous production function 14
2.3 Exponential decay and sudden death decay 20
2.4 S shaped decay 21
3.1 Productive and consumptive optimum 31
3.2 Investment schedule 39
4.1 Supply of funds schedule 66
5.1 Output and employment change in the food sector 83
5.2 Output and employment change in the textiles sector 84
5.3 Output and employment change in the wood sector 85
5.4 Output and employment change in the chemical sector 86
5.5 Output and employment change in the metal sector 87
5.6 Composition of employment 88
5.7 Investment, excluding investment in dwellings 89
6.1 The production structure ex ante 98
6.2 Response to an increase in the price of energy (deviations from base) 108
6.3 Response to a higher price of labour (deviations from base) 110
6.4 The saddle point path 112
6.5 The dynamics of K (left) and X (right) 113
6.6 A drop in the discount rate 113
7.1 Simulation results for the food sector 124
7.2 Simulation results for the textiles* sector 126
7.3 Simulation results for the wood* sector 128
7.4 Simulation results for the chemical sector 130
7.5 Simulation results for the metal* sector 132
7.6 Decay functions for various parameter values 134
7.7 Changes in M for various values of Su 1^7
7.8 Elasticities of substitution 138
8.1 Optimal production technique 141
8.2 Elasticities of substitution 143
xiv
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| indexdate | 2024-07-09T17:58:07Z |
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| language | English |
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| spelling | Kuper, Gerard H. Verfasser aut Investment behaviour and vintage modelling door Gerard Hendrik Kuper 1995 XIV, 194 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Groningen, Rijksuniv., Diss. Theorie (DE-588)4059787-8 gnd rswk-swf Kapitalanlage (DE-588)4073213-7 gnd rswk-swf Kapitalanlage (DE-588)4073213-7 s Theorie (DE-588)4059787-8 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007173431&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Kuper, Gerard H. Investment behaviour and vintage modelling Theorie (DE-588)4059787-8 gnd Kapitalanlage (DE-588)4073213-7 gnd |
| subject_GND | (DE-588)4059787-8 (DE-588)4073213-7 |
| title | Investment behaviour and vintage modelling |
| title_auth | Investment behaviour and vintage modelling |
| title_exact_search | Investment behaviour and vintage modelling |
| title_full | Investment behaviour and vintage modelling door Gerard Hendrik Kuper |
| title_fullStr | Investment behaviour and vintage modelling door Gerard Hendrik Kuper |
| title_full_unstemmed | Investment behaviour and vintage modelling door Gerard Hendrik Kuper |
| title_short | Investment behaviour and vintage modelling |
| title_sort | investment behaviour and vintage modelling |
| topic | Theorie (DE-588)4059787-8 gnd Kapitalanlage (DE-588)4073213-7 gnd |
| topic_facet | Theorie Kapitalanlage |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007173431&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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