-level uncertainty and imperfect information over their life cycle. We find that firms make non-negligible and positively correlated … informed. Moreover, young firms tend to wait long before entering or exiting the market faced with high uncertainty about their … demand. The former learning effect, combined with the latter real-options effect, adversely affect firms' entry decisions and …

-level uncertainty and imperfect information over their life cycle. We find that firms make non-negligible and positively correlated … informed. Moreover, young firms tend to wait long before entering or exiting the market faced with high uncertainty about their … demand. The former learning effect, combined with the latter real-options effect, adversely affect firms' entry decisions and …

This paper studies the dynamic effects of an uncertainty shock on firm expectations. We conduct a survey that confronts … managers from a representative firm sample with a model-consistent uncertainty shock scenario. An exogenous increase in … uncertainty significantly reduces managers' expected investment, employment and production in the short and mid run. We collect …

This paper studies the dynamic effects of an uncertainty shock on firm expectations. We conduct a survey that confronts … managers from a representative firm sample with a model-consistent uncertainty shock scenario. An exogenous increase in … uncertainty significantly reduces managers' expected investment, employment and production in the short and mid run. We collect …

This paper studies the dynamic effects of an uncertainty shock on firm expectations. We conduct a survey that confronts … managers from a representative firm sample with a model-consistent uncertainty shock scenario. An exogenous increase in … uncertainty significantly reduces managers' expected investment, employment and production in the short and mid run. We collect …

We study business uncertainty in high- versus low-volatility environments by surveying over 31,000 managers across 41 … countries. We elicit subjective probability distributions for future own-firm sales and measure firm-level uncertainty with … new facts. (1) Subjective uncertainty and realized volatility both decline with GDP per capita. (2) Managers underestimate …

branch is the theory of irreversible investment under uncertainty, the second the theory of competitive speculation in stocks … investment under uncertainty deals with problems of investment or planning where the investment outlay is irretrievable, once … spent. The combination of irreversibility and uncertainty has been shown to change the usual Marshallian action triggers …