The optimal growth of the firm in a growing environment |
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Authors: | Jacques Lesourne |
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Affiliation: | 1. Conservatoire National des Arts et Métiers 75141 Paris, France;2. SEMA (Metra International), 16–18, rue Barbès, 92128 Montrouge, France |
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Abstract: | The paper presents a growth model based on three essential assumptions: perfect knowledge of the future, descreasing returns on investment in a stagnant economy, appearance of new investment possibilities with the growth of the economy. Two cases are considered: the self-financing growth and the borrowing situation in the context of two management policies, the maximization of the discounted flow of dividends and the maximization of the growth rate. |
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