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| Registros recuperados: 58 | |
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| Ethier, Robert G.. |
| Valuation of electricity generating assets is of central importance as utilities are forced to spin-off generators with the introduction of competitive markets. A continuous-time mean reverting price path with stochastic upward jumps is proposed as an appropriate model for long-run competitive electricity prices faced by a generator. A real options model is derived via dynamic programming using infinite series solutions. The derived model produces asset values which are uniformly higher than those produced by existing models, and which accurately predict observed generator sale prices. The model has favorable implications for stranded cost recovery and generator entry in competitive markets. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Real options; Electricity deregulation; Mean reversion; Jump processes; Asset valuation; Marketing. |
| Ano: 1999 |
URL: http://purl.umn.edu/7222 |
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| Tauer, Loren W.. |
| The Dixit entry/exit real option model was applied to the entry/exit decisions of New York dairy farmers. For the cost structure of a 500-cow farm the entry milk price is $17.52 per hundredweight (cwt.) and the exit milk price is $10.84. For the 50-cow farm cost structure the entry price is higher at $23.71 per cwt., and the exit price is also higher at $13.48. If infinite numbers of representative farms enter and exit at these prices, the price of milk should range between $13.48 and $17.52 per cwt. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Dairy farming; Entry-exit; Investment; Real options; Farm Management. |
| Ano: 2006 |
URL: http://purl.umn.edu/21251 |
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| Isik, Murat. |
| This paper develops a framework to link the expected utility analysis to real options models in order to capture the joint effects of risk aversion and irreversibility associated with real investments. It aims at modifying the theory of investment under uncertainty by incorporating decision makers' risk preferences and allows explicitly analyzing the impacts of risk aversion, uncertainty and irreversibility on decisions such as investment and resource allocations. It addresses the shortcomings of the commonly used expected utility and investment under uncertainty models be generalizing the theory of irreversible investment under uncertainty by allowing for risk-averse investors. We found that uncertainty, irreversibility and risk aversion are important... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Expected utility; Investment under uncertainty; Irreversibility; Real options; Risk aversion; Risk and Uncertainty; D81; G1. |
| Ano: 2004 |
URL: http://purl.umn.edu/20027 |
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| Liu, Juan; Sporleder, Thomas L.. |
| Brand names and brand equity are recognized as important intangible assets among firm managers in the global food supply chain. This analysis investigates the long-run potential of brand equity among food processors to actually create real options for a firm's management. The empirical analysis views brand equity among food processors as a real option of growth and empirically tests selected drivers that are conceptually associated with firm growth. Results indicate that brand equity has a positive effect on the growth option value of the firm, after accounting for other major drivers of firm growth. Brand equity elasticity is estimated with respect to a firm's growth value for both the industry- and firm-level. One major implication of the analysis is... |
| Tipo: Journal Article |
Palavras-chave: Brand equity; Brand valuation; Real options; Food firms; Growth option value; Agribusiness. |
| Ano: 2007 |
URL: http://purl.umn.edu/8172 |
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| Roucan-Kane, Maud; Boehlje, Michael; Gray, Allan W.; Akridge, Jay T.. |
| The business climate for the agricultural sector is characterized by increased uncertainty and “unanticipated surprises,” such as new government regulations, new technology and product introductions, mergers and acquisitions, nonperformance by supply chain partners, and changes in interest and exchange rates. This manuscript uses a real case problem to describe a set of tools(such as scenario analysis, risk scorecarding and heat mapping, payoff matrices, decision trees, and options portfolio mapping) available to use for making strategic decisions in such a business climate. |
| Tipo: Working or Discussion Paper |
Palavras-chave: Scorecarding and heat mapping; Decision trees; Scenario analysis; Payoff matrices; Real options; Agribusiness; Q13. |
| Ano: 2010 |
URL: http://purl.umn.edu/98052 |
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| Towe, Charles A.; Nickerson, Cynthia J.; Bockstael, Nancy E.. |
| Many studies have examined the effects of land use regulations on land prices and urban spatial form. Increasingly, jurisdictions have adopted incentive based mechanisms, such as purchase of development rights (PDR) programs, to manage the pace and pattern of urban growth and the conversion of agricultural land. PDR programs provide a third option to landowners in urbanizing areas: in addition to deciding whether to develop or not, landowners can decide whether to preserve their land. To our knowledge no studies have explored how the existence of an option to participate in a PDR program affects landowners' development decisions. This research provides empirical evidence of a previously untested prediction of real options theory: that additional... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Agricultural preservation programs; Real options; Land conversion; Land Economics/Use. |
| Ano: 2005 |
URL: http://purl.umn.edu/19125 |
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| Tzouramani, Irene; Mattas, Konstadinos. |
| Latest developments in investment analysis offer a number of valuable insights into how to evaluate investment opportunities encountering the weaknesses of net present value criterion. More specific, irreversibility, uncertainty and the choice of timing are conditions that net present value does not include but they alter the investment decision in critical way. Employing contingent claims analysis in tangible investments several assumptions made by discount cash flow method are concerned and better assessment results can be derived. In this work, an attempt is made to apply real options methodology in agricultural investments. Many agricultural investors face a growing uncertainty environment with high sunk investments and net present value criterion has... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Real options; Irreversibility; Option value; Agriculture; Investment; Policy; Crop Production/Industries. |
| Ano: 2002 |
URL: http://purl.umn.edu/24835 |
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| McClintock, Anthea. |
| Investment in irrigation infrastructure and technologies, particularly those that reduce on-farm water use have become a major focus of government programs both at a State and Commonwealth level. Particular attention has been given to increasing the uptake of water “saving” technologies among irrigators. The design of programs capable of achieving government objectives at least cost requires an understanding of farm level investment decisions. In this context, the influence of uncertainty on decisions to invest in irrigation technology and infrastructure is examined. The potential for uncertainty to influence investment decisions via strategies to manage risk is demonstrated using the method of real options valuation. The approach is applied to case... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Investment; Irrigation technology; Real options; Uncertainty; Subsidy. |
| Ano: 2009 |
URL: http://purl.umn.edu/47934 |
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| Lewis, Andrew; Nganje, William E.; Mattson, Jeremy W.; Miljkovic, Dragan; Wilson, William W.. |
| This study provides a framework to value investment strategies to mitigate possible agro-terrorism occurrences in the food supply chain and to determine where these investments would reduce the most risk. This framework is applied to two food sectors that could be at risk: milk and green onions. Stochastic optimization is used to determine the costs and risk premiums of alternative tracking strategies. The real options method along with a portfolio of options, also referred to as the "tomato garden" framework, is used to determine where and when alternative intervention strategies should be implemented to reduce the most risk. Finally, policy implications are derived on the cost-risk tradeoffs, probability of attacks, and containment efforts if there... |
| Tipo: Report |
Palavras-chave: Agro-terrorism; Stochastic optimization; Real options; Game theory; Milk; Green onions; Food Consumption/Nutrition/Food Safety. |
| Ano: 2007 |
URL: http://purl.umn.edu/7630 |
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| Tauer, Loren W.. |
| The Dixit entry/exit real option model was applied to the entry/exit decisions of New York dairy farmers. For the cost structure of a 500-cow farm, the entry milk price is $17.52 per hundredweight (cwt) and the exit milk price is $10.84. For the 50-cow farm cost structure, the entry price is higher at $23.71 per cwt, and the exit price is also higher at $13.48. If infinite numbers of representative farms enter and exit at these prices, the price of milk should range between $13.48 and $17.52 per cwt. |
| Tipo: Journal Article |
Palavras-chave: Dairy farming; Entry-exit; Investment; Real options; Farm Management. |
| Ano: 2006 |
URL: http://purl.umn.edu/10219 |
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| Registros recuperados: 58 | |
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