Project Flexibility, Agency, and Competition

Project Flexibility, Agency, and Competition : New Developments in the Theory and Application of Real Options

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While most approaches to capital budgeting have used discounted cash flow valuation techniques, recent attention has been given to the valuation of "real options" to look at capital budgeting decisions and project management. Real options are a measure of the value of managerial flexibility and strategic value in capital investment. Because this topic is important but not yet covered adequately, "Innovation, Infrastructure and Strategic Options" fills a major gap in the market. This text deals with issues of R&D and technology options, investments involving learning, infrastructure, competition, strategy, and growth more

Product details

  • Hardback | 366 pages
  • 154.94 x 231.14 x 27.94mm | 657.71g
  • Oxford University Press Inc
  • New York, United States
  • English
  • numerous graphs and tables
  • 0195112695
  • 9780195112696

Table of contents

1. (Introduction) Real Options Analysis: Development and New Contributions; PART I: OPTIMAL CONTINGENT POLICIES AND THE VALUE OF FLEXIBILITY; 2. Real Options and Rules of Thumb in Capital Budgeting; 3. Investment in Flexible Technologies under Uncertainty; 4. Expandability, Reversibility, and Optimal Capacity Choice; 5. Entry and Exit Strategies under Non-Gaussian Distributions; 6. Evaluating Research and Development Investments; PART II: AGENCY, CONTRACTS, AND INCENTIVES; 7. A Self-Enforced Dynamic Contract for Processing of Natural Resources; 8. Bidding for the Antamina Mine: Valuation and Incentives in a Real Options Context; 9. Agency, Costs, Underinvestment, and Optimal Capital Structure: The Effect of Growth Options to Expand; PART III: FLEXIBILITY IN NATURAL AND ENVIRONMENTAL RESOURCE INVESTMENTS; 10. Valuation of Natural Resource Investments with Stochastic Conscience Yields and Interest Rates; 11. A Compound Option Model for Evaluating Multi-Stage Natural Resource Investments; 12. Optimal Extraction of Nonrenewable Resources when Costs Cumulate; 13. Real Options and the Timing of Emission Limits under Ecological Uncertainty; PART IV: STRATEGIC OPTIONS AND PRODUCT MARKET COMPETITION; 14. Competitive Investment Decisions: A Synthesis; 15. Equilibrium Time To Build: A Real Options Approach; 16. Strategic Sequential Investments and Sleeping Patents; 17. The Ship Lay-Up Option and Equilibrium Freight Ratesshow more

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