microeconomics Markets for Factor Inputs参考.ppt

INVESTMENT, TIME, AND CAPITAL MARKETS STOCKS VERSUS FLOWS PRESENT DISCOUNTED VALUE PRESENT DISCOUNTED VALUE PRESENT DISCOUNTED VALUE Valuing Payment Streams PRESENT DISCOUNTED VALUE THE VALUE OF A BOND THE VALUE OF A BOND Perpetuities THE VALUE OF A BOND The Effective Yield on a Bond THE VALUE OF A BOND The Effective Yield on a Bond THE VALUE OF A BOND THE NET PRESENT VALUE CRITERION FORCAPITAL INVESTMENT DECISIONS THE NET PRESENT VALUE CRITERION FORCAPITAL INVESTMENT DECISIONS The Electric Motor Factory THE NET PRESENT VALUE CRITERION FORCAPITAL INVESTMENT DECISIONS The Electric Motor Factory THE NET PRESENT VALUE CRITERION FORCAPITAL INVESTMENT DECISIONS Real versus Nominal Discount Rates THE NET PRESENT VALUE CRITERION FORCAPITAL INVESTMENT DECISIONS Negative Future Cash Flows THE NET PRESENT VALUE CRITERION FORCAPITAL INVESTMENT DECISIONS Negative Future Cash Flows ADJUSTMENTS FOR RISK Diversifiable versus Nondiversifiable Risk ADJUSTMENTS FOR RISK The Capital Asset Pricing Model ADJUSTMENTS FOR RISK The Capital Asset Pricing Model THE VALUE OF A BOND THE VALUE OF A BOND INVESTMENT DECISIONS BY CONSUMERS INVESTMENT DECISIONS BY CONSUMERS INVESTMENT IN HUMAN CAPITAL INTERTEMPORAL PRODUCTION DECISIONS—DEPLETABLE RESOURCES The Production Decision of an Individual Resource Producer CHAPTER 15 OUTLINE 15.1 Stocks versus Flows 15.2 Present Discounted Value 15.3 The Value of a Bond 15.4 The Net Present Value Criterion for Capital Investment Decisions 15.5 Adjustments for Risk 15.6 Investment Decisions by Consumers 15.7 Investments in Human Capital 15.8 Intertemporal Production Decisions—Depletable Resources 15.9 How Are Interest Rates Determined? Capital is durable: It can last and contribute to production for years after it is purchased. Time is an important element in the purchase of capital goods. When a firm decides whether to build a factory or purchase machines, it must compare the outlays it would have to make now with the additional profit tha