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حسابداری و مالی::
استهلاک اقتصادی
The firm faces two types of uncertainty about its future economic environment: stochastic demand in its output market and stochastic economic depreciation of its capital goods.
Specifically, we show that the firm's optimal investment policy sets the expected marginal product of capital in the next period equal to the Jorgenson's [1963] user cost of capital, defined as the sum of the risk free interest rate and the expected economic depreciation rate of its capital stock.3 We show that the price of the
Here, δ is the expected rate of economic depreciation and ∆t+1 is the random component of economic depreciation in period t +1 with E[∆t+1] = 1 for each t.
In our model, there are two sources of uncertainty regarding the firm's fu- ture economic environment: stochastic economic depreciation of its assets,
The reason is that the investors rationally anticipate that the firm will completely offset the effect of any economic depreciation shock ∆t+1 on over-the-horizon economic profits by adjusting its investment amount in period t + 1.
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