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A coinductive calculus of streams
, 2005
"... We develop a coinductive calculus of streams based on the presence of a final coalgebra structure on the set of streams (infinite sequences of real numbers). The main ingredient is the notion of stream derivative, which can be used to formulate both coinductive proofs and definitions. In close analo ..."
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Cited by 27 (9 self)
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We develop a coinductive calculus of streams based on the presence of a final coalgebra structure on the set of streams (infinite sequences of real numbers). The main ingredient is the notion of stream derivative, which can be used to formulate both coinductive proofs and definitions. In close analogy to classical analysis, the latter are presented as behavioural differential equations. A number of applications of the calculus are presented, including difference equations, analytical differential equations, continued fractions, and some problems from discrete mathematics and combinatorics.
Optimal Partially Reversible Investment
, 1999
"... : Investment is partially reversible if there is a wedge between the prices at which a firm can buy and sell capital. We derive the optimal investment strategy for a riskneutral firm with partially reversible investment when capital prices and the shocks to capital's marginal revenue product evolve ..."
Abstract

Cited by 5 (0 self)
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: Investment is partially reversible if there is a wedge between the prices at which a firm can buy and sell capital. We derive the optimal investment strategy for a riskneutral firm with partially reversible investment when capital prices and the shocks to capital's marginal revenue product evolve as geometric Brownian motion. We examine some of the effects of increased uncertainty on the optimal investment strategy and on the longrun average growth rate of capital, and we argue that the longrun average growth rate of capital is the same whether investment is completely reversible, partially reversible, or completely irreversible. JEL classification numbers: D92, E22 Key words: Investment, partial reversibility ________________________ We thank Avinash Dixit, Robert Pindyck, two anonymous referees, and an editor for helpful comments and suggestions. 1 OPTIMAL PARTIALLY REVERSIBLE INVESTMENT I. INTRODUCTION The last decade has seen a growing dissatisfaction with the widelyaccepte...