Flexibility and Uncertainty

The preserving of flexibility when faced with uncertainty is a neglected aspect of behaviour under risk. Yet it is an important factor in decisions to hold liquid assets or delay irreversible investment. This paper formalizes the notion of flexibility in a sequential decision context, and relates it...

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Veröffentlicht in:	The Review of economic studies 1984-01, Vol.51 (1), p.13-32
Hauptverfasser:	Jones, Robert A., Ostroy, Joseph M.
Format:	Artikel
Sprache:	eng
Schlagworte:	Capital investments Economic costs Economic theory Economic uncertainty Financial investments Information economics Investment risk Liquid assets Liquidity Risk aversion
Online-Zugang:	Volltext
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