Liquidity Preference Under Uncertainty: A Model of Dynamic Investment in Illiquid Assets, November 1978 (Classic Reprint) - Softcover

Baldwin, Carliss Y.

9781332268160: Liquidity Preference Under Uncertainty: A Model of Dynamic Investment in Illiquid Assets, November 1978 (Classic Reprint)

Softcover

ISBN 10: 1332268161 ISBN 13: 9781332268160

Verlag: Forgotten Books, 2018

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Excerpt from Liquidity Preference Under Uncertainty: A Model of Dynamic Investment in Illiquid Assets, November 1978

In what follows, we shall consistently distinguish between investments and opportunities. Opportunities in our model are potential capital investments, which the investor perceives, but has not yet acted upon. An opportunity becomes an investment if and only if the investor acts to accept it (commits resources to it).

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This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

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Excerpt from Liquidity Preference Under Uncertainty: A Model of Dynamic Investment in Illiquid Assets, November 1978

The paper presents a mathematical model of optimal investment in illiquid assets. Specifically, the model addresses the problem of an investor with limited capital resources, who makes sequential decisions on long-term investments under uncertainty as to future opportunities. The model demonstrates that such an investor will optimally demand a higher rate of return on investments in long-term, unmarketable assets and that the size of the premium demanded is an increasing function of the duration of the illiquid investment.

About the Publisher

Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com

This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

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