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| Seyoum, Emayenesh; Chan, Chris. |
| This paper reports a use of a real-options valuation methodology to analyse wine grape farm investment under price and yield uncertainty. Revenue levels to incentivise entry and exit were calculated for three different sizes of wine grape farms in North West Victoria. The modelling identified lower exit and higher entry triggers than indicated by conventional net present value calculation. The wide gap of estimated indeterminacy in farm investment highlights the intertwined influence of numerous economic factors — cost structure, economies of scale, market volatility, transaction costs, and sunk and salvaged asset valuation. Drawing on these determinants of farm investment and disinvestment, the paper discusses the role of investment incentives in... |
| Tipo: Presentation |
Palavras-chave: Real options; Entry and exit; Wine grape; North West Victoria; Crop Production/Industries. |
| Ano: 2012 |
URL: http://purl.umn.edu/124446 |
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| Chan, Chris; Laplagne, Patrick; Appels, David. |
| 'The Role of Auctions in Allocating Public Resources' by Chris Chan, Patrick Laplagne and David Appels, was released on 20 February 2003. The paper provides an economic framework with which to consider the effectiveness and limitations of auction markets in allocating public resources. It links auction outcomes to bidders' behavioural characteristics and to the lack or imbalance of information available to governments and bidders. The analysis covers the key elements of an auction, including the auction form, the auction environment, the bidding behaviour and the implications for allocative efficiency and revenue. The views expressed in this paper are those of the staff involved and do not necessarily reflect those of the Productivity Commission. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Public Economics. |
| Ano: 2003 |
URL: http://purl.umn.edu/31916 |
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