[PDF] Time And Innovative Uncertainty In The Theory Of Investment eBook

Author : Frank H. Knight
Publisher : Cosimo, Inc.
Page : 401 pages
File Size : 49,6 MB
Release : 2006-11-01
Category : Business & Economics
ISBN : 1602060053

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A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.

Author : National Academy of Engineering
Publisher : National Academies Press
Page : 119 pages
File Size : 50,38 MB
Release : 1992-02-01
Category : Political Science
ISBN : 0309046475

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It is frequently argued that U.S. corporations have shorter time horizons for planning and investment than their Japanese and German competitors. This argument, though widely accepted in studies of U.S. competitiveness, has rarely been examined in depth. Time Horizons and Technology Investments explores the evidence that some U.S. corporations consistently select projects biased toward short-term return and addresses factors influencing the time-related preferences of U.S. corporate managers in selecting projects for investment. It makes recommendations to policymakers and managers about policies to mitigate negative external influences and about strategies to remove internal biases toward noncompetitive decisions.

Author : Robert K. Dixit
Publisher : Princeton University Press
Page : 484 pages
File Size : 47,32 MB
Release : 2012-07-14
Category : Business & Economics
ISBN : 1400830176

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How should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? Why have traditional economic models of investment failed to explain the behavior of investment spending in the United States and other countries? In this book, Avinash Dixit and Robert Pindyck provide the first detailed exposition of a new theoretical approach to the capital investment decisions of firms, stressing the irreversibility of most investment decisions, and the ongoing uncertainty of the economic environment in which these decisions are made. In so doing, they answer important questions about investment decisions and the behavior of investment spending. This new approach to investment recognizes the option value of waiting for better (but never complete) information. It exploits an analogy with the theory of options in financial markets, which permits a much richer dynamic framework than was possible with the traditional theory of investment. The authors present the new theory in a clear and systematic way, and consolidate, synthesize, and extend the various strands of research that have come out of the theory. Their book shows the importance of the theory for understanding investment behavior of firms; develops the implications of this theory for industry dynamics and for government policy concerning investment; and shows how the theory can be applied to specific industries and to a wide variety of business problems.

Author : Jamee K. Moudud
Publisher : Routledge
Page : 362 pages
File Size : 34,67 MB
Release : 2012-10-12
Category : Business & Economics
ISBN : 1136241159

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The history of policymaking has been dominated by two rival assumptions about markets. Those who have advocated Keynesian-type policies have generally based their arguments on the claim that markets are imperfectly competitive. On the other hand laissez faire advocates have argued the opposite by claiming that in fact free market policies will eliminate "market imperfections" and reinvigorate perfect competition. The goal of this book is to enter into this important debate by raising critical questions about the nature of market competition. Drawing on the insights of the classical political economists, Schumpeter, Hayek, the Oxford Economists’ Research Group (OERG) and others, the authors in this book challenge this perfect versus imperfect competition dichotomy in both theoretical and empirical terms. There are important differences between the theoretical perspectives of several authors in the broad alternative theoretical tradition defined by this book; nevertheless, a unifying theme throughout this volume is that competition is conceptualized as a dynamic disequilibrium process rather than the static equilibrium state of conventional theory. For almost all the others the growth of firm is consistent with a heightened degree of competitiveness, as both Marx and Schumpeter emphasized, and not a lowered one as in the conventional 'monopoly capital' view.

Author : Thomas Clarke
Publisher : Oxford University Press
Page : 672 pages
File Size : 49,97 MB
Release : 2019-02-21
Category : Business & Economics
ISBN : 0191056847

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The Oxford Handbook of the Corporation assesses the contemporary relevance, purpose, and performance of the corporation. The corporation is one of the most significant, if contested, innovations in human history, and the direction and effectiveness of corporate law, corporate governance, and corporate performance are being challenged as never before. Continuously evolving, the corporation as the primary instrument for wealth generation in contemporary economies demands frequent assessment and reinterpretation. The focus of this work is the transformative impact of innovation and change upon corporate structure, purpose, and operation. Corporate innovation is at the heart of the value-creation process in increasingly internationalized and competitive market economies, and corporations today are embedded in a world of complex global supply chains and rising state and state-directed capitalism. In questioning the fundamental purpose and performance of the corporation, this Handbook continues a tradition commenced by Berle and Means, and contributed to by generations of business scholars. What is the corporation and what is it becoming? How do we define its form and purpose and how are these changing? To whom is the corporation responsible, and who should judge the ultimate performance of corporations? By investigating the origins, development, strategies, and theories of corporations, this volume addresses such questions to provide a richer theoretical account of the corporation and its contested future.

Author : Paul Bouvier-Patron
Publisher : John Wiley & Sons
Page : 372 pages
File Size : 21,77 MB
Release : 2023-10-10
Category : Business & Economics
ISBN : 1786306972

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Businesses and enterprises can no longer avoid the concern of their Natural Environmental impact, which calls into question their economic activities. Frugal Innovation and Innovative Creation is at the crossroads of economics and management in business, particularly focused on innovative enterprises and their interactions with the Natural Environment. Navigating these interactions can be perceived by companies as a costly constraint, especially in an innovation process, which is already very expensive. The aim of this book is therefore to highlight the need for a satisfactory technology level while innovating, without risking damage to the Natural Environment. The challenge here is to propose a form of frugal innovation that is likely to be successful, while also mindful of the environmental considerations from the outset, hence the concept of environmental frugal innovation. Furthermore, by questioning the practice of innovative creation (especially if it integrates the ideas of respect for and preservation of the Natural Environment), this book reveals the importance of two key elements that are present regardless of the modality (the level of technology and organization): improvisation and bricolage.

Author : David B. Audretsch
Publisher : University of Toronto Press
Page : 202 pages
File Size : 42,78 MB
Release : 2019-01-01
Category : Business & Economics
ISBN : 1487501129

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Sources of Knowledge and Entrepreneurial Behavior delves into the nature and importance of the relationship between sources of knowledge and entrepreneurial behavior, and should be of interest to both academics and policy-makers. David B. Audretsch and Albert N. Link use the Knowledge Spillover Theory of Entrepreneurship as the conceptual foundation for why individuals decide to become entrepreneurs. Then, using a database of more than 4,000 small and relatively new European companies from 10 different countries, called the AEGIS database, Audretsch and Link offer new insights about the relationship between knowledge sources and entrepreneurial behavior. In their analysis of the empirical evidence in support of the Knowledge Spillover Theory of Entrepreneurship, Audretsch and Link conclude that there is no singular source of knowledge driving entrepreneurship, but a plethora of knowledge sources, each associated with different dimensions of entrepreneurial activity. The intellectual breakthrough in this book is not that knowledge matters or that it especially matters for entrepreneurship. Rather, Audretsch and Link show that knowledge, and especially entrepreneurial knowledge, is not a homogeneous phenomenon. There are multiple sources of knowledge that act on entrepreneurial performance in a myriad of ways.