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Irreversibility, Uncertainty and Investment in the Presence of Technological Progress

We apply a real options approach to develop a general characterization of the dynamics of the capital accumulation process in the presence of technological progress. In particular, we delineate circumstances under which the present technology represents a compound real option, which incorporates as valuable embedded options the opportunity of successive updating of the technology to superior future technologies with a stochastic pattern of arrival timings. We also show that part of the extended option value created by technological progress is channelled through expansions of the investment volumes, which are shifted towards earlier timings.