Essays in Economic Dynamics by Akio Matsumoto Ferenc Szidarovszky & Toichiro Asada
Author:Akio Matsumoto, Ferenc Szidarovszky & Toichiro Asada
Language: eng
Format: epub
Publisher: Springer Singapore, Singapore
2 The Model Under Static Expectations
In this section, we present a model of decisions on investment of a price-taking firm. As specified below, the firm is assumed to incur adjustment costs associated with installing new capital and face with a non-Walrasian “quantity constraint.” Since we assume that the firm is a price-taker, we can normalize the price of the firm’s product as unity.4
First, the production technology of the firm is specified. We assume that the production function of the firm is represented as
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