現代 投資理論의 展開와 実證的 成果

Since John M. Keynes explicitly formulated the investment function in his macroeconomic model of a national economy, ramifications in the arguments about investment decisions were comm only observed. In particular literature on the proper formulation of the investment function for empirical purposes were well compiled during the early sixties. Dale Jorgenson was one of the pioneering pedagoaue in the cost-of-capital type o f model builder. Robert Eisner and his associates volunteered to remain a tough critique on the Jorgensonian flavor. They meant to incorporate Keynes’ perception-uncertainty and expectation in investment decision, and found it a frustrating job to formulate empirically sound model of investment decision. Since that time, further advances were made by Gould, Lucas, Uzawa, and Tobin in treatment of uncertainty in relative price and costs of investment, imperfections in asset markets and monetary impactsupon investment decision. In the late seventies, some modifications were proposed by Hayashi, Yoshikawa, and Sargent. Abel also took part in the sharpening of the argument by proposing amalgamation of the preceding approaches. In this article, major advances in theories and empirical findings about investment functions are critically reviewed.