Research and Development Projects Upon Real Options View
نویسندگان
چکیده
منابع مشابه
Real Options in Offshore Oil Field Development Projects
The average size of discovered petroleum reserves on the Norwegian continental shelf has declined steadily over the last years. As a consequence, the fields have become economically more marginal, and new and flexible development strategies are required. This paper describes a stochastic dynamic programming model for project evaluation under uncertainty, where emphasis is put on flexibility and...
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Managers and designers of technological systems face a common difficulty; new projects or products are inherently risky, both technologically and financially, especially given the rate of change in the high technology, deregulated economy. Consequently, they need solid methods for valuing prospective investments, so that they can justify their development strategies. Their fundamental problem i...
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Managers and designers for technological systems face a common difficulty: new projects or products are inherently risky, both technologically and financially, especially given the rate of change in the high technology, deregulated economy. Consequently, they need solid methods for valuing prospective investments, so that they can justify their development strategies. Their fundamental problem ...
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The concept of real options initiated in the field of finance has extended into engineering systems to model design flexibility in the realistically uncertain environment. However, whereas financial options are well-defined traded contracts, real options “in” engineering systems are a priori undefined, complex, and interdependent. Moreover, systems involve many more options than designers could...
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The equilibrium is derived in a real options game on the basis of a multidimensional state variable. In the game, firms optimize both investment time and project choice in projects that have not been chosen by the leading competitors. We demonstrate how the equilibrium changes with the number of firms, the number of projects, and the correlation between project values. Consistent with previous ...
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ژورنال
عنوان ژورنال: Engineering Economics
سال: 2014
ISSN: 2029-5839,1392-2785
DOI: 10.5755/j01.ee.25.3.2737