This paper extends the theory of in

This paper extends the theory of investment under uncertainty to incorporate fixed costs of investment, a wedge between the purchase price and sale price of capital, and potential irreversibility of investment. In this extended framework, investment is a non-decreasing function of q, the shadow price of installed capital. There are potentially three investment regimes which depend on the value of q relative to two critical values. For values of q above
the upper critical value, investment is positive and is an increasing function of q, as is standard in the theory branch of the adjustment cost literature. For intermediate values of q, between two critical values, investment is zero. Although this regime features prominently in the irreversibility literature, it is largely ignored in the adjustment cost literature. Finally, if q is below the lower critical value, gross investment is negative, a possibility that is ruled out by assumption in the irreversibility of literature. In general however, the
shadow price q is not directly observable, so we present two examples relating q to observable variables.

結果 (中文) 1:

本文的理论扩展纳入投资、 购买价格和销售价格的资本与潜在不可逆转性投资之间的楔形的固定的成本的不确定性下的投资。在此扩展的框架中，投资是 q，影子价格的安装资本的非递减函数。有可能三个投资制度取决于相对于两个关键值 q 的值。对于上述的 q 值上部的临界值，投资是积极的和是 q，是标准的调整成本文学理论分支的递增函数。投资为 q，两个临界值之间的中间值为零。虽然这一制度在不可逆转性文学的篇幅，它很大程度上被忽略调整成本文学中。最后，如果 q 是较低的临界值以下，投资总额是负的假设不可逆转性的文学排除的可能性。在一般情况下，影子价格 q 不是直接可见的所以我们目前与 q 有关的观测变量的两个例子。

結果 (中文) 3:

本文将不确定条件下的投资理论，将固定的投资成本，购买价格和资本销售价格之间的楔子，和潜在的投资不可逆性。在这一框架，投资是一个非递减函数Q，安装资本的影子价格。可能有三的投资体制取决于Q的相对价值两临界值。上述
上临界值Q值，投资是积极的，是Q的增函数，这是标准的调整成本的文学理论的分支。对于Q的中间值，两个临界值之间，投资为零。尽管这一制度功能突出的不可逆性的文学，它是文学在很大程度上忽略了调整成本。最后，如果Q是低于临界值，总投资是负的，一个可能性是排除在文学的不可逆性假设。不过总的来说，影子价格的
Q是不能直接观察的，所以，我们提出了两个例子关于Q的观测变量。