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EXPLOITING UNCERTAINTY—INVESTMENT OPPORTUNITIES AS REAL OPTIONS: A NEW WAY OF THINKING IN ENGINEERING ECONOMICS

 

作者: CHANS. PARK,   HEMANTHAS.B. HERATH,  

 

期刊: The Engineering Economist  (Taylor Available online 2000)
卷期: Volume 45, issue 1  

页码: 1-36

 

ISSN:0013-791X

 

年代: 2000

 

DOI:10.1080/00137910008967534

 

出版商: Taylor & Francis Group

 

数据来源: Taylor

 

摘要:

A new trend in corporate planning is to exploit uncertainty by taking investment opportunities as real options. This options approach is to complement the conventional net present value (NPV) criterion in evaluating risky investments. In this paper, we take a broad look at the real options approach to various engineering economic decision problems, laying out how it provides an immediate and important perspective on value creation in an uncertain world. Unlike financial options,real options analysisdeals with investments in real assets, which is one of the primary interest areas in engineering economics. For that reason, we believe that any advancement in the real options decision framework will benefit the field of engineering economics.

 

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