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10-1-1996

Optimal Investment with Costly Reversibility Optimal Investment with Costly Reversibility

Andrew B. Abel University of Pennsylvania

Janice C. Eberly

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Recommended Citation Recommended Citation Abel, A. B., & Eberly, J. C. (1996). Optimal Investment with Costly Reversibility. The Review of Economic Studies, 63 (4), 581-593. http://dx.doi.org/10.2307/2297794

This paper is posted at ScholarlyCommons. https://repository.upenn.edu/fnce_papers/158 For more information, please contact repository@pobox.upenn.edu.

Optimal Investment with Costly Reversibility Optimal Investment with Costly Reversibility

Abstract Abstract Investment is characterized by costly reversibility when a firm can purchase capital at a given price and sell capital at a lower price. We solve for the optimal investment of a firm that faces costly reversibility under uncertainty and we extend the Jorgensonian concept of the user cost of capital to this case. We define and calculate cU and cL as the user costs of capital associated with the purchase and sale of capital, respectively. Optimality requires the firm to purchase and sell capital as needed to keep the marginal revenue product of capital in the closed interval [cL, cU). This prescription encompasses the case of irreversible investment as well as the standard neoclassical case of costlessly reversible investment.

Disciplines Disciplines Economics | Finance | Finance and Financial Management

This journal article is available at ScholarlyCommons: https://repository.upenn.edu/fnce_papers/158

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\{ l}— •

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34

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(D1)

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(DJ1)

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(mo)

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(&, c"\(D1)

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41

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—(Do)

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45

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— —

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njiibjA ipc UflWGLjOLuq qcuowiuoL o dn9uou (Es)

('_)) (E.5)

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(I—

(E 1)

ip qcijuiiou o1,h(') 'U Qdniou (Jg)

E bLOI4! Ot1hCI)

<0 r (D)nq (D1) ii

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>0 oi>j (D4)

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(rns)r 1

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uq wrijitbjA IJJ UflWL0L uq qcuownrnot pA QO Opiudniou (Ex) uq (g) nuo Qdniou (Eo)

'e(e)+ -=

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(E.g)— —

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uq

— —= =e)— —

iqQuic p2q ou qcjui1rou o i) w GdnTou (j)jp u XbL21OU IOL ,h(c1) M n pc 1oIJoMiu

() (EQ)

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ccuou o\ -cocc couWof cwo (xW

= — (e)—(i — = 0 (is)qqJui(iou o iuq lu cdniou (3oP) fO opriu

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fl)=I) (E.4)

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()= )e[ ÷ + — (Es)

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o\ ooi-tcu wou ttqou (çcfE A614L1G4!0U O flJG OIflhiOU

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) ): )w(e)=f—-=-—-=o (jj)ro oprwu

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we) = [+ ' e)+%(J— we))]- Q4\+' + -opwIIJ

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(b Jo)

e) ='{i-e)-(i -Q))]_Q[%- c)e -(i -

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= —)—(i

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= — — (i—

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