Brueckner, Jan K.; Picard, Pierre - Centre de Recherche en Économie Appliquée (CREA), … - 2014
This paper analyzes an irreversible “where-and-when” investment decision, in which a govern- ment must decide not only when to invest in income-increasing infrastructure but also where to make the investment, doing so under imperfect observability of the investment gains. The two models...