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This study examines the effects of uncertainty on irreversible aggregate investment using data from 1971-2010. Results provide evidence to support the argument that macroeconomic uncertainties are important in the forward-looking investment decision-making process. This study concludes that the demand and lagged demand uncertainties have a relatively stronger effect on investments compared with other macro uncertainties. The structure of the economy, the depth of the financial system, and thedoi:10.5539/mas.v12n9p71 fatcat:gwhpikdzofhizmzjji3uuxuwye