@article {Drakos:2010:0003-6846:1797,
title = "Investment in Greek manufacturing under irreversibility and uncertainty: the message in used capital expenditures",
journal = "Applied Economics",
parent_itemid = "infobike://routledg/raef",
publishercode ="routledg",
year = "2010",
volume = "42",
number = "14",
publication date ="2010-05-01T00:00:00",
pages = "1797-1809",
itemtype = "ARTICLE",
issn = "0003-6846",
eissn = "1466-4283",
url = "https://www.ingentaconnect.com/content/routledg/raef/2010/00000042/00000014/art00006",
doi = "doi:10.1080/00036840701736040",
author = "Drakos, Konstantinos Dimitrios and Goulas, Eleftherios",
abstract = "This article contributes to the existing literature by showing that uncertainty produces a nonuniform impact to the extent that different types of capital goods exhibit heterogeneous irreversibility, which we define as asset-specific irreversibility. Hence, asset-specific irreversibility is responsible for asymmetries in responses across types of capital goods to uncertainty. We also show that for a given type of capital good, uncertainty produces a variety of responses across sectors, which we define sector-specific irreversibility. In other words, sectoral differences in terms of the ability to substitute a given type of capital with labour, introduce a second-order effect of uncertainty on investment.",
}