{"title":"非固定利率下的资源开采和生产资本投资","authors":"Trond E. Olsen","doi":"10.1016/0165-0572(90)90004-3","DOIUrl":null,"url":null,"abstract":"<div><p>We characterize the optimal investment and extraction program for a firm whose discount factor has a non-stationary interest rate. Such discount functions arise naturally in cases where the firm's horizon is uncertain. For the assumed production technology, all investments in physical capital will be concentrated up front if the interest rate is stationary. Under non-stationary interest rates, investments may be delayed, and we provide a partial characterization of the discount functions which yield this result.</p></div>","PeriodicalId":101080,"journal":{"name":"Resources and Energy","volume":"11 4","pages":"Pages 357-369"},"PeriodicalIF":0.0000,"publicationDate":"1990-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/0165-0572(90)90004-3","citationCount":"1","resultStr":"{\"title\":\"Resource extraction and investments in production capital under non-stationary interest rates\",\"authors\":\"Trond E. Olsen\",\"doi\":\"10.1016/0165-0572(90)90004-3\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>We characterize the optimal investment and extraction program for a firm whose discount factor has a non-stationary interest rate. Such discount functions arise naturally in cases where the firm's horizon is uncertain. For the assumed production technology, all investments in physical capital will be concentrated up front if the interest rate is stationary. Under non-stationary interest rates, investments may be delayed, and we provide a partial characterization of the discount functions which yield this result.</p></div>\",\"PeriodicalId\":101080,\"journal\":{\"name\":\"Resources and Energy\",\"volume\":\"11 4\",\"pages\":\"Pages 357-369\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"1990-03-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://sci-hub-pdf.com/10.1016/0165-0572(90)90004-3\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Resources and Energy\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/0165057290900043\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Resources and Energy","FirstCategoryId":"1085","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/0165057290900043","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Resource extraction and investments in production capital under non-stationary interest rates
We characterize the optimal investment and extraction program for a firm whose discount factor has a non-stationary interest rate. Such discount functions arise naturally in cases where the firm's horizon is uncertain. For the assumed production technology, all investments in physical capital will be concentrated up front if the interest rate is stationary. Under non-stationary interest rates, investments may be delayed, and we provide a partial characterization of the discount functions which yield this result.
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