Estimating adjustment costs with data on heterogeneous capital goods:
This paper estimates the micro-level costs of adjusting capital using detailed data on investment decisions in the US airline industry. The data include the capital stock retirement, market values, operating costs, and utilization rates of 16 different types of capital goods for each airline. This d...
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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
6342 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | This paper estimates the micro-level costs of adjusting capital using detailed data on investment decisions in the US airline industry. The data include the capital stock retirement, market values, operating costs, and utilization rates of 16 different types of capital goods for each airline. This data on heterogeneous capital goods allows us to estimate the desired stock of capital for each type of plane while controlling for unobserved changes in airline profitability. The results show clear evidence of non-convex adjustment costs inaction for capital investment and quadratic adjustment costs conditional on positive or negative investment. The adjustment costs for utilization show similar non-convexities but with smaller adjustment costs. Aggregating to the firm level or using accounting data obscures the non-convexities and biases the estimated adjustment costs upward. |
| Physical Description: | 31 S. graph. Darst. |
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 6342 | |
| 520 | 3 | |a This paper estimates the micro-level costs of adjusting capital using detailed data on investment decisions in the US airline industry. The data include the capital stock retirement, market values, operating costs, and utilization rates of 16 different types of capital goods for each airline. This data on heterogeneous capital goods allows us to estimate the desired stock of capital for each type of plane while controlling for unobserved changes in airline profitability. The results show clear evidence of non-convex adjustment costs inaction for capital investment and quadratic adjustment costs conditional on positive or negative investment. The adjustment costs for utilization show similar non-convexities but with smaller adjustment costs. Aggregating to the firm level or using accounting data obscures the non-convexities and biases the estimated adjustment costs upward. | |
| 650 | 4 | |a Airlines |x Capital investments | |
| 650 | 4 | |a Capital investments |x Decision making | |
| 650 | 4 | |a Industrial equipment |x Costs | |
| 700 | 1 | |a Gross, David B. |e Verfasser |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
| 830 | 0 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 6342 |w (DE-604)BV002801238 |9 6342 | |
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| id | DE-604.BV011808158 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:16:06Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-007973075 |
| oclc_num | 38485398 |
| open_access_boolean | 1 |
| owner | DE-19 DE-BY-UBM DE-521 |
| owner_facet | DE-19 DE-BY-UBM DE-521 |
| physical | 31 S. graph. Darst. |
| publishDate | 1997 |
| publishDateSearch | 1997 |
| publishDateSort | 1997 |
| record_format | marc |
| 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 | Goolsbee, Austan 1969- Verfasser (DE-588)129799521 aut Estimating adjustment costs with data on heterogeneous capital goods Austan Goolsbee ; David B. Gross Cambridge, Mass. 1997 31 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 6342 This paper estimates the micro-level costs of adjusting capital using detailed data on investment decisions in the US airline industry. The data include the capital stock retirement, market values, operating costs, and utilization rates of 16 different types of capital goods for each airline. This data on heterogeneous capital goods allows us to estimate the desired stock of capital for each type of plane while controlling for unobserved changes in airline profitability. The results show clear evidence of non-convex adjustment costs inaction for capital investment and quadratic adjustment costs conditional on positive or negative investment. The adjustment costs for utilization show similar non-convexities but with smaller adjustment costs. Aggregating to the firm level or using accounting data obscures the non-convexities and biases the estimated adjustment costs upward. Airlines Capital investments Capital investments Decision making Industrial equipment Costs Gross, David B. Verfasser aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 6342 (DE-604)BV002801238 6342 http://papers.nber.org/papers/w6342.pdf kostenfrei Volltext |
| spellingShingle | Goolsbee, Austan 1969- Gross, David B. Estimating adjustment costs with data on heterogeneous capital goods National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Airlines Capital investments Capital investments Decision making Industrial equipment Costs |
| title | Estimating adjustment costs with data on heterogeneous capital goods |
| title_auth | Estimating adjustment costs with data on heterogeneous capital goods |
| title_exact_search | Estimating adjustment costs with data on heterogeneous capital goods |
| title_full | Estimating adjustment costs with data on heterogeneous capital goods Austan Goolsbee ; David B. Gross |
| title_fullStr | Estimating adjustment costs with data on heterogeneous capital goods Austan Goolsbee ; David B. Gross |
| title_full_unstemmed | Estimating adjustment costs with data on heterogeneous capital goods Austan Goolsbee ; David B. Gross |
| title_short | Estimating adjustment costs with data on heterogeneous capital goods |
| title_sort | estimating adjustment costs with data on heterogeneous capital goods |
| topic | Airlines Capital investments Capital investments Decision making Industrial equipment Costs |
| topic_facet | Airlines Capital investments Capital investments Decision making Industrial equipment Costs |
| url | http://papers.nber.org/papers/w6342.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT goolsbeeaustan estimatingadjustmentcostswithdataonheterogeneouscapitalgoods AT grossdavidb estimatingadjustmentcostswithdataonheterogeneouscapitalgoods |