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Lookup NU author(s): Professor Karen ElliottORCiD
Inaction is sometimes the optimal path—a point well taken by economists. In her substantial volume on optimal control, economist Nancy Stokey begins: “In situations where action entails a fixed adjustment cost, optimal policies involve doing nothing most of the time and exercising control only occasionally.” When fixed adjustment costs exist, the investment profile over time tends to be characterized by sudden shifts followed by periods of complete inaction; economists often refer to this as a “lumpy” investment profile.
Author(s): Elliott K, Massacci F, Williams J
Publication type: Article
Publication status: Published
Journal: IEEE Security & Privacy
Year: 2016
Volume: 14
Issue: 1
Pages: 82-86
Print publication date: 01/02/2016
Online publication date: 03/02/2016
Acceptance date: 01/01/2016
Date deposited: 29/03/2016
ISSN (print): 1558-4046
ISSN (electronic): 2375-1207
Publisher: IEEE
URL: http://dx.doi.org/10.1109/MSP.2016.2
DOI: 10.1109/MSP.2016.2
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