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投资是具有沉淀成本的,沉淀成本的产生源于资产的专用性。这一观点自 Arrow(1968)的重要论文之后,就已普遍为经济学家所接受,但真正将之与不确定性相结合并加以创新是自Bernanke(1983)的研究之后才开始的。其间 McConell 与 Siegel(1986),Bertola(1987),Pindyck(1988),Dixit(1989)等人均做出了,重要贡献。投资的机会价值就好比一个股票的看涨期权(call option),它使我们拥有是否投资于一个价值随机波动的项目的权利。当市场情况有利于投资时,我们就行使这一权利。投资的机会价值也就等于这一期权的价值,也就是我们为拥有投资权利所需支付的“价格”。
Investment is the cost of precipitation, precipitation costs arising from the special nature of the asset. This view has generally been accepted as an economist since the important paper by Arrow (1968), but the real combination of uncertainty and uncertainty has only since Bernanke’s (1983) study began. During which McConell and Siegel (1986), Bertola (1987), Pindyck (1988), Dixit (1989) and others have made an important contribution. The opportunity value of an investment is like a call option for a stock, which gives us the right to invest in a project that has random fluctuations in value. When the market conditions conducive to investment, we exercise this right. The value of the opportunity to invest is equal to the value of the option, which is the “price” we pay for owning the right to invest.