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UID:20260623T214530EDT-1224okdtei@132.216.98.100
DTSTAMP:20260624T014530Z
DESCRIPTION:Dynamic Games and Applications Seminar\n\nSpeaker: Peter M. Kor
 t – Tiburg University\, Netherlands\n\nWebinar link\n	Webinar ID: 881 6070 
 4034\n	Passcode: 095916\n\nThis paper considers a firm’s investment decisio
 n within an uncertain framework\, where the investment is financed by borr
 owing. The lender has market power\, generating a capital market inefficie
 ncy. The investment decision involves determining the timing and the capac
 ity level. The firm’s investment is subject to double marginalization in t
 he sense that the lender’s market power results in a considerably smaller 
 investment and therefore leads to a reduction in welfare. Introducing the 
 bankruptcy option 34 reveals that the double marginalization effect is mit
 igated in a scenario with high bankruptcy cost and large enough demand unc
 ertainty: the firm’s investment size is increasing in bankruptcy costs alb
 eit at the expense of an investment delay. As a result\, the bankruptcy op
 tion can increase (total) welfare.\n\n(joint work with Herbert Dawid\, Nic
 k F.D. Huberts\, Kuno J.M. Huisman\, and Xingang Wen)\n
DTSTART:20210624T150000Z
DTEND:20210624T160000Z
LOCATION:CA\, ZOOM
SUMMARY: Double marginalization and external financing: Capacity investment
  under uncertainty 
URL:/cim/channels/event/double-marginalization-and-ext
 ernal-financing-capacity-investment-under-uncertainty-331379
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