Journal of Political Economy Vol. 76 No. 6 1968

Optimal Capital Accumulation and Corporate Investment Behavior

Dale W. Jorgenson¹; Calvin D. Siebert²

¹ University of California, Berkeley · ² University of Iowa

Abstract

Detailed comparisons of the performance of the alternative theories of corporate investment are given in Jorgenson and Siebert (1968, Tables 2, 4, and 5). 2 Equivalence between maximization of the market value of the firm and maximization of profit at each point of time is discussed by Malinvaud (1953) and, more recently, by Arrow (1964).The essential idea is implicit in Haavelmo's theory of investment (1960).II23 * Mean annual gross investment for the postwar period, 1946-1963, in billions of 1954 dollars.t End-of-year net fixed assets for 1961 in billions of 1954 dollars.

DOI

10.1086/259478

Volume

76

Issue

6

Pages

1123-1151

Language

en

Sources

openalex crossref

Cite

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