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investment problem is decomposed into decisions over scale and timing which are influenced by convex adjustment costs and the …This paper studies optimal investment in sunk assets for a firm facing uncertain future demand and costs. The … feasibility of delaying investment. The value of the resulting real option to delay behaves as expected in response to increases …
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, risk, credit-market imperfections and scale-economies associated with mechanization that small-scale farming is inefficient … minimum farm scale is 20 acres. …
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, risk, credit-market imperfections and scale-economies associated with mechanization that small-scale farming is inefficient … minimum farm scale is 20 acres. …
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