AER建刊100年: The Top 20 Articles第八篇

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Jorgenson, DaleW.1963."Capital Theory and Investment Behavior."American
EconomicReview, 53(2): 247-59.
This
paperprovideda theoretical framework forinvestment behaviorbasedona
neoclassicaltheoryofoptimalcapitalaccumulation. Thepaperintroduced theuser
costofcapitalas thekeyvariablethatcombinesthecostoffinance(interest rates
andequityyields)andtaxrules(taxrates,depreciationschedules)andcombined
thisusercostmeasurewiththeCobb-Douglasproductiontechnologytoobtaina
desiredstockofcapital.Jorgenson thenusedtheresultingimpliedoptimalcapitalstocktoderiveaneconometric equationforinvestment. Generalizations ofthe
Jorgenson framework (e.g.,toallowformoregeneralproductionfunctions) made
thisthestandardapproachtotheempirical studyofthedeterminants ofinvestment.
Theusercostofcapitalalsobecamethekeyconceptforthetheoretical studyofthe
effects ofalternative taxrules.

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