Penn State

Jiro Yoshida - Associate Professor of Business, Penn State University Park

Book Title: Investment Under Uncertainty

Author: Avinash K. Dixit and Robert S. Pindyck

Book Description:

This book completely changed my career. When I studied at a professional master's program, I met with Professor Robert Pindyck, one of the authors of this book. At that time, I had no intention to become an academic researcher. After reading this book, I became fascinated by financial economics and pursued my doctoral degree.


This book theoretically analyzes corporate investment decisions and asset prices when economic and technological conditions are uncertain. The book is rigorous yet accessible; the writing is sharp and crisp. The book starts with a simple example and necessary mathematical tools before analyzing an individual firm's decisions and industry equilibrium. It significantly advanced our understanding of finance and investment. Although the book was published in 1994, it is still a must read in this field.

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