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Author: Timothy Rungano Muzondo
Publisher:
ISBN:
Category : Business enterprises
Languages : en
Pages : 394
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Book Description
Author: Timothy Rungano Muzondo
Publisher:
ISBN:
Category : Business enterprises
Languages : en
Pages : 394
Get Book Here
Book Description
Author: Timothy Rungano Muzondo
Publisher: c1975.
ISBN:
Category : Business enterprises
Languages : en
Pages : 394
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Book Description
Author: Paul van Loon
Publisher: Springer Science & Business Media
ISBN: 3642464823
Category : Business & Economics
Languages : en
Pages : 202
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Book Description
This volume is the final result of the research project ''Micro growth model", that was sponsored by the Central Research Pool of Tilburg University, the Netherlands. Apart from the University Council for this important financial support, I owe Prof. Dr. Fiet Verheyen very much for the way in which he introduced me into scientific circles and for the way in which he supervised and stimulated my work. Dr. Jan de Jong and Peter Janssen C. E. , Technical University of Eindhoven, piloted me safely through the mathe matics of optimal control theory and removed some technical barriers. Their help was indispensable for the success of this project. I would also like to mention the kind support of Prof. Dr. Jack Kleijnen, who gave me many valuable hints on how to present the results of this project. In this way I was able to contact with several resear chers inside and outside the Netherlands. Most grateful I am to Prof. Dr. Charles Tapiero, Jerusalem University, who commented on important parts of this book in a constructive way and who suggested many subjects for further research. Also Mr. Geert Jan vsn Schijndel, Tilburg University, should be mentioned here, because he closely read the work and I appreciated his remarks and corrections very much. Many collea gues have contributed to the results of this research project in a direct or indirect way. Especially I should like to mention my contacts with Prof. Dr.
Author: Paul Butzen
Publisher: Edward Elgar Publishing
ISBN: 9781781956335
Category : Business & Economics
Languages : en
Pages : 354
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Book Description
This book provides coherent theoretical and empirical analysis of firms’ investment and financing decisions. It assesses the role of uncertainty, financial imperfections, corporate governance and taxation. Evidence is obtained using several unique and high quality microeconomic data-sets, which explore features seldom addressed.
Author: Robert K. Dixit
Publisher: Princeton University Press
ISBN: 1400830176
Category : Business & Economics
Languages : en
Pages : 484
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Book Description
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: Peter M. Kort
Publisher: Springer Science & Business Media
ISBN: 3642489044
Category : Business & Economics
Languages : en
Pages : 196
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Book Description
1.1. Scope of the Book This book is a contribution to the area of "dynamic models of the firm". The motivation for this kind of research is the following: Empirical studies (e.g. Albach (1976)) have shown that the development of the firm over time can be divided into different stages. such as growth. stationarity and contraction. In order to understand and evaluate these stages in a proper way. it is important to develop a suitable theoretical framework. To that end. economists have applied dynamic mathematical techniques. such as optimal control theory. calculus of variations and dynamic programming to design and analyse dynamic models of the firm. In this way. the economic theory of the firm is extended to a dynamic context. Within the field of the dynamics of the firm this book - develops a general investment decision rule. based on the concept "net present value of marginal investment". which is applicable in deterministic dynamic models of the firm; - studies the influence of adjustment costs of investment on optimal dynamic firm behavior; - extends the stochastic dynamic theory of the firm by connecting it with a dynamic version of the Capital Asset Pricing Model. Before elaborating on "the dynamics of the firm". we first review the subject of net present value in the classical analysis.
Author: Mark W.J. Blok
Publisher: Springer Science & Business Media
ISBN: 3642484018
Category : Business & Economics
Languages : en
Pages : 199
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Book Description
This book contributes to the scientific field of optimal control theory applied to dynamic models of the firm. It discusses optimal investment, financing and production policies of the firm, that have to deal with a variety of aspects, such as financial constraints, start-up costs, business cycles, increasing returns to scale, production life cycles and experience curves. In contrast to many other publications on this subject, here, in combination with an analytical approach, the dynamic optimization problems are solved numerically with the aid of a powerful computer and specific programs for optimizing non-linear functions of a finite number of variables and non-linear constraints.
Author: Geert-Jan C.T.van Schijndel
Publisher: Springer Science & Business Media
ISBN: 3642466370
Category : Business & Economics
Languages : en
Pages : 224
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Book Description
This book aims to include the effects of a progressive personal tax into the deterministic dynamic theory of the firm. To this end the author investigates the impact of a progressive personal tax on the optimal dividend, financing and investment policy of a shareholder-controlled, value-maximising firm. More specifically, the principal aim is the justification of the thesis that during each stage of their evolution, firms will be controlled by investors in different tax brackets. With this aim in mind, the author develops a dynamic equilibrium and portfolio theory under certainty, which considers: - the market value of an arbitrary firm such that no excess demand for or supply of shares exists, - the portfolio selection of differently taxed investors, - the succession of differently taxed investors, who possess the shares of any value-maximizing firm, in the course of time, - the optimal resulting policy string and corresponding evolution of a firm in the course of time.
Author: Onno van Hilten
Publisher: Springer Science & Business Media
ISBN: 3642778844
Category : Business & Economics
Languages : en
Pages : 439
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Book Description
In this book we open our insights in the Theory of the Firm, obtained through the application of Optimal Control Theory, to a public of scholars and advanced students in economics and applied mathematics. We walk on the micro economic side of the street that is bordered by Theory of the Firm on one side and by Optimal Control Theory on the other, keeping the reader away from all the dead end roads we turned down during our 10 years lasting research. We focus attention on the expressiveness and variety of insights that are obtained through studying only simple models of the firm. In this book mathematics is our tool, insight in optimal corporate policy our goal. Therefore most of the mathematics and calculations is put into appendices and in the main text all attention is on modelling corporate behaviour and on analysing the results of the calculations. So, the main text focusses on micro economics, even more specific: on Theory of the Firm. In that way this book is contrasted from such famous text books in applied Optimal Control with a much broader portfolio of applications, like Feichtinger & Hartl (1986) or with a more rigorous introduction into theory, like Seierstad & Sydsaeter (1987).
Author: Onno van Hilten
Publisher: Springer
ISBN:
Category : Business & Economics
Languages : en
Pages : 246
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Book Description
This book extends the theoretical study of optimal dynamic firm behaviour by introducing technological progress and fluctuating demand in a deterministic Optimal Control model of the firm. The investment, dividend and financing behaviour of a firm is described in a dynamic optimisation model with two state variables and several state constraints. The Maximum Principle is used to derive analytically the optimal policy. In the model with a fluctuating demand for the firm's products, the conditions for and the length of a "zero-investment period" are derived, as well as the role of debt in surviving a depression. For the model with (labour augmenting) technological progress, a new version of the Maximum Principle is derived in order to handle the vintage structure of the model. Conditions are derived under which the optimal lifetime of capital is constant. Special attention is given to the shadow price interpretation of auxiliary variables in optimal control models with pure state constraints. Finally, the merits and demerits of optimisation models as a tool in a dynamic theory of the firm are discussed.
