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

Sinopsis

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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