The mix and scale of factors with irreversibility and fixed costs of investment:
When factors of production can be adjusted costlessly, the mix of factors can be considered separately from their scale. We examine factor choice and utilization when investment is irreversible and subject to a fixed cost, so that the capital stock is a quasi-fixed factor that is adjusted infrequent...
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
1997
|
| Series: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
6148 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | When factors of production can be adjusted costlessly, the mix of factors can be considered separately from their scale. We examine factor choice and utilization when investment is irreversible and subject to a fixed cost, so that the capital stock is a quasi-fixed factor that is adjusted infrequently and by discrete amounts. We derive and analyze analytic approximations for optimal investment behavior, and show how the quasi-fixity of capital eliminates the dichotomy between factor mix and scale. We show that the quasi-fixity of capital can give rise to labor hoarding, even when labor is a purely flexible factor. |
| Physical Description: | 49 S. |
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| id | DE-604.BV011742689 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T18:15:00Z |
| institution | BVB |
| language | English |
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| physical | 49 S. |
| publishDate | 1997 |
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| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Abel, Andrew B. Verfasser aut The mix and scale of factors with irreversibility and fixed costs of investment Andrew B. Abel ; Janice C. Eberly Cambridge, Mass. 1997 49 S. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 6148 When factors of production can be adjusted costlessly, the mix of factors can be considered separately from their scale. We examine factor choice and utilization when investment is irreversible and subject to a fixed cost, so that the capital stock is a quasi-fixed factor that is adjusted infrequently and by discrete amounts. We derive and analyze analytic approximations for optimal investment behavior, and show how the quasi-fixity of capital eliminates the dichotomy between factor mix and scale. We show that the quasi-fixity of capital can give rise to labor hoarding, even when labor is a purely flexible factor. Mathematisches Modell Investments Mathematical models Overhead costs Mathematical models Eberly, Janice C. Verfasser (DE-588)124670202 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 6148 (DE-604)BV002801238 6148 http://papers.nber.org/papers/w6148.pdf kostenfrei Volltext |
| spellingShingle | Abel, Andrew B. Eberly, Janice C. The mix and scale of factors with irreversibility and fixed costs of investment National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Mathematisches Modell Investments Mathematical models Overhead costs Mathematical models |
| title | The mix and scale of factors with irreversibility and fixed costs of investment |
| title_auth | The mix and scale of factors with irreversibility and fixed costs of investment |
| title_exact_search | The mix and scale of factors with irreversibility and fixed costs of investment |
| title_full | The mix and scale of factors with irreversibility and fixed costs of investment Andrew B. Abel ; Janice C. Eberly |
| title_fullStr | The mix and scale of factors with irreversibility and fixed costs of investment Andrew B. Abel ; Janice C. Eberly |
| title_full_unstemmed | The mix and scale of factors with irreversibility and fixed costs of investment Andrew B. Abel ; Janice C. Eberly |
| title_short | The mix and scale of factors with irreversibility and fixed costs of investment |
| title_sort | the mix and scale of factors with irreversibility and fixed costs of investment |
| topic | Mathematisches Modell Investments Mathematical models Overhead costs Mathematical models |
| topic_facet | Mathematisches Modell Investments Mathematical models Overhead costs Mathematical models |
| url | http://papers.nber.org/papers/w6148.pdf |
| volume_link | (DE-604)BV002801238 |
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