Comparative Analysis Of Management Systems In Cocoa Production In Abia State, Nigeria

ABSTRACT

Investment can be defined as an activity that commits funds in any

financial/physical form in the present with an expectation of receiving additional

return in the future (Rosennsweig and Binswnager, 1993).

Fugue (1996) defined investment as an activity that is undertaken by those

who have savings. However all savers need not to be investors. Eisner (1985)

defined investment as the change in fixed inputs used in production process.

The key characteristic of investment is its irreversibity often referred to as

asymmetry (Nelson, 1989). Once investment are made, there are few other

productive activities for which they can be used (Dixit and Pindyck, 1994)

formulate the problem of the irreversibility of investment under uncertainty as the

decision to pay a sunk cost and in return receive an asset with a value that can

fluctuate.