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Hétérogénénéité des comportements d'investissement et fluctuations de l'investissement agrégé

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  • Richard Duhautois
  • Stéphanie Jamet

Abstract

[eng] Heterogeneity of Investment Behaviour and Changes in Aggregate Investment . by Richard Duhautois and Stéphanie Jamet . This paper studies the characteristics of companies' investment profiles using a database covering a large number of French companies. Following the example of Doms and Dunne (1998) we construct two statistical methods making it possible to identify periods of zero investment and periods of substantial investment. It appears that investment is intermittent and extremely heterogeneous. This finding raises the question of whether it is relevant to assume a representative agent for an aggregate investment model. In order to test whether the heterogeneity of company investment contains information on changes in aggregate investment, we suggest indicators for this heterogeneity and then incorporate them in an aggregate investment equation. Key-words : irreversible investment, heterogeneity, form-level data JEL Classification : D8, D21, C23 [fre] Cet article étudie les caractéristiques du profil d’investissement des entreprises à partir d’une base de données comportant un grand nombre d’entreprises françaises. Nous construisons, à l’instar de Doms et Dunne (1998), deux outils statistiques qui permettent d’appréhender les périodes d’investissements nuls et celles d’investissements massifs. Il apparaît que les investissements sont discontinus et fortement hétérogènes. Ce constat soulève le problème de la pertinence de l’hypothèse d’un agent représentatif pour un modèle d’investissement agrégé. Afin de tester si l’hétérogénéité des investissements des entreprises est porteuse d''information sur l'évolution de l'investissement agrégé, nous proposons des indicateurs de cette hétérogénéité puis les introduisons dans une équation d’investissement agrégé. Mots-clés : investissement irréversible, hétérogénéité, données d'entreprises. Classification JEL : D8, D21, C23

Suggested Citation

  • Richard Duhautois & Stéphanie Jamet, 2001. "Hétérogénénéité des comportements d'investissement et fluctuations de l'investissement agrégé," Économie et Prévision, Programme National Persée, vol. 149(3), pages 103-115.
    • Handle: RePEc:prs:ecoprv:ecop_0249-4744_2001_num_149_3_6295
    DOI: 10.3406/ecop.2001.6295
    Note: DOI:10.3406/ecop.2001.6295
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    References listed on IDEAS

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    1. Ricardo J. Caballero & Eduardo M. R. A. Engel, 1999. "Explaining Investment Dynamics in U.S. Manufacturing: A Generalized (S,s) Approach," Econometrica, Econometric Society, vol. 67(4), pages 783-826, July.
    2. Avinash K. Dixit & Robert S. Pindyck, 1994. "Investment under Uncertainty," Economics Books, Princeton University Press, edition 1, number 5474.
    3. Robert McDonald & Daniel Siegel, 1986. "The Value of Waiting to Invest," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 101(4), pages 707-727.
    4. Mark E. Doms & Timothy Dunne, 1998. "Capital Adjustment Patterns in Manufacturing Plants," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(2), pages 409-429, April.
    5. McDonald, Robert L & Siegel, Daniel R, 1985. "Investment and the Valuation of Firms When There Is an Option to Shut Down," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(2), pages 331-349, June.
    6. repec:adr:anecst:y:1995:i:37-38:p:09 is not listed on IDEAS
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    More about this item

    JEL classification:

    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models

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