Dynamic approaches to capital investment decisions (emphasis on replacement investment)
The thesis investigates dynamic modelling in the field of capital budgeting. The essence of the particular type of modelling concerned is to select for immediate investment projects that can either be carried out "now" or else postponed to a later date. If such projects are postponed then the costs associated with them are likely to be affected by various economic forces, notably technological change. An important investment problem that is characterised by such options 'is replacement investment. The importance is both empirical and methodological, accordingly much of the study is devoted to this problem.
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