Publisher's Synopsis
Excerpt from Corporate Investment Under Uncertainty, and the Neoclassical Model
Jorgenson [19] is the main proponent of this econometric research and his analysis claims to explain the discrepancies among many of the major empirical studies of investment behavior in neoclassical models.
He shows that proper treatment of costs of adjustment in all these other models would modify their results such that the Cobb - Douglas form holds. However, Jorgenson's work and that of the others he criticizes are partial equilibrium analyses in that they ignore financial market considerations, concentrating instead solely on production decisions of the firm.
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