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Investment, Hysteresis, and Layers of Techniques: A Case Study of Agricultural Manufacturing Machinery in Multan Division

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  • Toseef Azid

    (Economics Department, Bahauddin Zakariya University, Multan.)

  • Muhammad Akbar Noor

    (Government College, Civil Lines, Multan.)

Abstract

The behaviour of firms is still a little understood matter. Why one firm or industry is investing more than the other or what makes a firm enter or exit from the market, what are the psychological factors that go to make a choice of this kind are questions that have not been answered satisfactorily. Concepts like irreversibility, uncertainty, investment, and the value of waiting are very much there in the literature, e.g., McDonald and Siegel (1985, 1986); Nickell (1974); Schmalensee (1972); Hartman (1972); Henry (1974) and LAM (1989) and others. But the psychology of decision-making on the face of losses has not received much attention in the literature. That the Economic Hysteresis1 and Layers of Techniques2, developed by Professor A. Dixit and Professor P. N. Mathur respectively tackle.

Suggested Citation

  • Toseef Azid & Muhammad Akbar Noor, 1999. "Investment, Hysteresis, and Layers of Techniques: A Case Study of Agricultural Manufacturing Machinery in Multan Division," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 38(4), pages 1117-1132.
    • Handle: RePEc:pid:journl:v:38:y:1999:i:4:p:1117-1132
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    Cited by:

    1. Toseef Azid & Mumtaz Anwar & M. Junaid Khawaja, 2007. "Management of Energy Recourses, Marginal Input-Output Coefficients, and Layers of Techniques: A Case Study of US Chemical Industry," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 46(4), pages 517-536.

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