This book is a must-read for anyone interested in understanding how firms make investment decisions in an unpredictable and ever-changing economic environment. Dixit and Pindyck provide a new theoretical approach that highlights the irreversibility of most investment decisions and the ongoing uncertainty that firms face. Their emphasis on the option value of waiting for better information sets this book apart, making it an essential read for those looking to gain insights into investment behavior, industry dynamics, and government policy.
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