Dale Jorgenson

Samuel W. Morris University Professor

Investment, Vol. 1, Table of Contents

Contents

List of Tables				ix
Preface				xiii
List of Sources				xxiii

1	Capital Theory and Investment Behavior			1
	Dale W. Jorgenson
	1.1		Introduction	1
	1.2		Summary of the Theory	2
	1.3		Empirical Results	6
	1.4		Structure of the Investment Process	12

2 Anticipations and Investment Behavior				17
		Dale W. Jorgenson
		2.1 Introduction		17
		2.2 The Theory and Econometrics of Investment Behavior		25
		2.3 Problems of Measurement		38
		2.4 Tests of the Theory		42
		2.5 Structure of the Investment Process		64

3 Rational Distributed Lag Functions				77
		Dale W. Jorgenson
		3.1 Introduction		77
		3.2 Rational Distributed Lag Functions		80
		3.3 Approximation		82
		3.4 Estimation		50

4 The Time Structure of Investment Behavior in United States Manufacturing, 1947-1960				95
		Dale W. Jorgenson and James A. Stephenson
		4.1 Introduction		95
		4.2 The Time Structure of Investment Behavior		97
		4.3 Empirical Results		99
		4.4 Summary and Conclusion		119

5 Investment Behavior in U.S. manufacturing 1947-1960				123
		Dale W. Jorgenson and James A. Stephenson
		5.1 Introduction		123
		5.2 Theory		128
		5.3 Econometrics		136
		5.4 Empirical Results		142
		5.5 Further Results		170
		5.6 Conclusion		176
		5.7 Statistical Appendix		178

6 The Theory of Investment Behavior				181
		Dale W. Jorgenson
		6.1 Introduction		181
		6.2 The Neoclassical Framework		186
		6.3 Optimal Capital Accumulation		190
		6.4 The Theory of Investment Behavior		197
		6.5 Alternative Theories of Investment Behavior		202

7 A Comparison of Alternative Theories of Corporate Investment Behavior				209
		Dale W. Jorgenson and Calvin D. Siebert
		7.1 Framework of the Study		215
		7.2 Measurement		220
		7.3 Empirical Results		226
		7.4 Conclusion		239

8 Optimal Capital Accumulation and Corporate Investment Behavior				245
		Dale W. Jorgenson and Calvin D. Siebert
		8.1 Introduction		245
		8.2 Theoretical Framework		246
		8.3 Empirical Results		251
		8.4 Time Structure		268
		8.5 Conclusion		276

9 Anticipations and Investment Behavior in U.S. Manufacturing, 1947-1960				263
		Dale W. Jorgenson and James A. Stephenson
		9.1 Introduction		281
		9.2 Theory of the Investment Process		284
		9.3 Empirical Results		291
		9.4 Further Results		309
		9.5 Summary and Conclusion		312
		9.6 Statistical Appendix		313

10 A Comparison of Alternative Econometric Models of Quarterly Investment Behavior				315
		Dale W. Jorgenson, Jerald Hunter, and M. Ishaq Nadiri
		10.1 Introduction		315
		10.2 Review of the Literature		318
		10.3 Framework for the Study		328
		10.4 Empirical Results		334
		10.5 Comparison		337
		10.6 Conclusion		341

11 The Predictive Performance of Econometric Models of Quarterly Investment Behavior				245
		Dale W. Jorgenson Jerald Hunter, and M. Ishaq Nadiri
		11.1 Introduction		345
		11.2 Predictive Testing		348
		11.3 Empirical Results		353
		11.4 Conclusion		356

12 Investment Behavior in U.S. Regulated Industries				359
		Dale W. Jorgenson and Sidney S. Handel
		12.1 Introduction		360
		12.2 The Theory of Investment Behavior		361
		12.3 Specification		365
		12.4 Time Structure		376
		12.5 Further Results		388
		12.6 Anticipations and Investment Behavior		390
		12.7 Further Results on Anticipations		400
		12.8 Conclusion		404
		Appendix		406

13 Econometric Studies of Investment Behavior: A Review				423
		Dale W. Jorgenson
		13.1 Introduction		423
		13.2 Investment by Individual Firms		426
		13.3 Investment by Industry Groups		432
		13.4 Summary and Conclusion		450

References				479
Index				497