ECONOMIC ANALYSIS OF R&D PROJECTS: AN OPTIONS APPROACH
作者:
HEMANTHAS. B. HERATH,
CHANS. PARK,
期刊:
The Engineering Economist
(Taylor Available online 1999)
卷期:
Volume 44,
issue 1
页码: 1-35
ISSN:0013-791X
年代: 1999
DOI:10.1080/00137919908967506
出版商: Taylor & Francis Group
数据来源: Taylor
摘要:
An emerging trend in research and development (R&D) project valuation is the use of options approach, which permits a more flexible assessment of the future growth opportunities in the entire process. The traditional DCF method when naively applied fails to capture all the future opportunities that create value, thereby resulting in an under investment in R&D. The options approach is more appropriate in a world of uncertainty because it views an R&D project as an initial investment that creates future follow-on commercial opportunities that are undertaken only if the initial R&D project is successful. Valuation of R&D projects is usually complex due to substantial uncertainties at different project phases, including the R&D phase and commercialization phases.
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