Recent theoretical developments relating to investment under uncertainty have highlighted the importance of irreversibility for the timing of investment expenditures and their expected returns. This has subsequently stimulated a growing empirical literature which examines uncertainty and...

Switching from one job to another would appear to be an important part of an individual's experience within the labour market. In Britain, approximately one in three workers are observed changing jobs over a three year period. Models of voluntary job mobility predict that in the long run,...