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Download or read book Irreversible Investment in Competitive Projects written by and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Irreversible Investment, Real Options, and Competition: Evidence from Real Estate Development written by and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert Stephen Pindyck
Publisher :
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4.:/5 (285 download)
Download or read book A Note on Competitive Investment Under Uncertainty written by Robert Stephen Pindyck and published by . This book was released on 1991 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper clarifies how uncertainty affects irreversible investment in a competitive market equilibrium. With free entry, irreversibility affects the distribution of future prices, and thereby creates an opportunity cost of investing now rather than waiting. As with an imperfectly competitive firm, uncertainty can also increase the value of a marginal unit of capital. I show that with an infinite horizon, the opportunity cost is larger than this increase in value, so that uncertainty reduces investment.
Author : Laarni T. Bulan
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (129 download)
Download or read book Irreversible Investment, Real Options, and Competition written by Laarni T. Bulan and published by . This book was released on 2011 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the extent to which uncertainty delays investment and the effect of competition on this relationship using a sample of 1,214 condominium developments in Vancouver, Canada built from 1979-1998. We find that increases in both idiosyncratic and systematic risk lead developers to delay new real estate investments. Empirically, a one-standard deviation increase in the return volatility reduces the probability of investment by 13 percent, equivalent to a 9 percent decline in real prices. Increases in the number of potential competitors located near a project negate the negative relationship between idiosyncratic risk and development. These results support models in which competition erodes option values and provide clear evidence for the real options framework over alternatives such as simple risk aversion.
Author : Robert K. Dixit
Publisher : Princeton University Press
ISBN 13 : 1400830176
Total Pages : 484 pages
Book Rating : 4.4/5 (8 download)
Download or read book Investment under Uncertainty written by Robert K. Dixit and published by Princeton University Press. This book was released on 2012-07-14 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: How should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? Why have traditional economic models of investment failed to explain the behavior of investment spending in the United States and other countries? In this book, Avinash Dixit and Robert Pindyck provide the first detailed exposition of a new theoretical approach to the capital investment decisions of firms, stressing the irreversibility of most investment decisions, and the ongoing uncertainty of the economic environment in which these decisions are made. In so doing, they answer important questions about investment decisions and the behavior of investment spending. This new approach to investment recognizes the option value of waiting for better (but never complete) information. It exploits an analogy with the theory of options in financial markets, which permits a much richer dynamic framework than was possible with the traditional theory of investment. The authors present the new theory in a clear and systematic way, and consolidate, synthesize, and extend the various strands of research that have come out of the theory. Their book shows the importance of the theory for understanding investment behavior of firms; develops the implications of this theory for industry dynamics and for government policy concerning investment; and shows how the theory can be applied to specific industries and to a wide variety of business problems.
Author : Robert S. Pindyck
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4./5 ( download)
Download or read book Irreversibility, Uncertainty, and Investment written by Robert S. Pindyck and published by World Bank Publications. This book was released on 1989 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Irreversible investment is especially sensitive to such risk factors as volatile exchange rates and uncertainty about tariff structures and future cash flows. If the goal of macroeconomic policy is to stimulate investment, stability and credibility may be more important than tax incentives or interest rates.
Author : Robin Mason
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.X/5 (6 download)
Download or read book Irreversible Investment with Strategic Interactions written by Robin Mason and published by . This book was released on 2001 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jiro Akahori
Publisher : World Scientific
ISBN 13 : 9812770445
Total Pages : 309 pages
Book Rating : 4.8/5 (127 download)
Download or read book Stochastic Processes and Applications to Mathematical Finance written by Jiro Akahori and published by World Scientific. This book was released on 2007 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume contains the contributions to a conference that is among the most important meetings in financial mathematics. Serving as a bridge between probabilists in Japan (called the Ito School and known for its highly sophisticated mathematics) and mathematical finance and financial engineering, the conference elicits the very highest quality papers in the field of financial mathematics.
Author : Benoit Chevalier-Roignant
Publisher : MIT Press
ISBN 13 : 0262526719
Total Pages : 517 pages
Book Rating : 4.2/5 (625 download)
Download or read book Competitive Strategy written by Benoit Chevalier-Roignant and published by MIT Press. This book was released on 2014-08-29 with total page 517 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new paradigm for balancing flexibility and commitment in management strategy through the amalgamation of real options and game theory. Corporate managers who face both strategic uncertainty and market uncertainty confront a classic trade-off between commitment and flexibility. They can stake a claim by making a large capital investment today, influencing their rivals' behavior, or they can take a “wait and see” approach to avoid adverse market consequences tomorrow. In Competitive Strategy, Benoît Chevalier-Roignant and Lenos Trigeorgis describe an emerging paradigm that can quantify and balance commitment and flexibility, “option games,” by which the decision-making approaches of real options and game theory can be combined. The authors first discuss prerequisite concepts and tools from basic game theory, industrial organization, and real options analysis, and then present the new approach in discrete time and later in continuous time. Their presentation of continuous-time option games is the first systematic coverage of the topic and fills a significant gap in the existing literature. Competitive Strategy provides a rigorous yet pragmatic and intuitive approach to strategy formulation. It synthesizes research in the areas of strategy, economics, and finance in a way that is accessible to readers not necessarily expert in the various fields involved.
Author : Eduardo S. Schwartz
Publisher : MIT Press
ISBN 13 : 9780262693189
Total Pages : 890 pages
Book Rating : 4.6/5 (931 download)
Download or read book Real Options and Investment Under Uncertainty written by Eduardo S. Schwartz and published by MIT Press. This book was released on 2004 with total page 890 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study of investment under uncertainty was stagnant for several decades until developments in real options revitalized the field. The topics covered in this book include the reasons behind the under-investment programme.
Author : Adib Kanafani
Publisher : Elsevier
ISBN 13 : 0080460445
Total Pages : 407 pages
Book Rating : 4.0/5 (84 download)
Download or read book Global Competition in Transportation Markets written by Adib Kanafani and published by Elsevier. This book was released on 2005-06-10 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book represents the proceedings of a conference held at KobeUniversity, that brought together some of the world's leading researchers in the field oftransportation planning and policy.It contains a compendium of papers representing state-of-the-art researchon topics of competition and regulation and system structure in air and maritimetransportation. This book is a valuable resource for researchers and others who can use it as a starting point for advancing the state of knowledge in important topics of transportation systems management. It can also serve as a textbook for an advanced graduate course in transportation, economics, or public policy as applied to maritime transportation and air transportation. As such it is the first text of its kind.
Author : Pauli Murto
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book A Game Model of Irreversible Investment Under Uncertainty written by Pauli Murto and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Most of the literature on real options considers the optimal decision of a firm in isolation from competitors. In reality, however, the actions of competing firms often affect each other's investment opportunities. We develop a game model where many firms compete for a single investment opportunity. When one of the firms triggers the investment the opportunity is completely lost for the other firms. The value of the project for the firms is assumed to follow a geometric Brownian motion. The model combines game theory and the theory of irreversible investment under uncertainty. We characterize the resulting Nash equilibrium under different assumptions on the information that the firms have about each other's valuations for the project. As an example, we present a case of building a telecommunications network.
Author : Richard Stanley Gray
Publisher : Ann Arbor, Mich. : University Microfilms International
ISBN 13 :
Total Pages : 298 pages
Book Rating : 4.:/5 (33 download)
Download or read book An Irreversible Investment Model of the Western Canadian Farm Machinery Market written by Richard Stanley Gray and published by Ann Arbor, Mich. : University Microfilms International. This book was released on 1991 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jiro Akahori
Publisher : World Scientific
ISBN 13 : 9814476374
Total Pages : 309 pages
Book Rating : 4.8/5 (144 download)
Download or read book Stochastic Processes And Applications To Mathematical Finance - Proceedings Of The 6th Ritsumeikan International Conference written by Jiro Akahori and published by World Scientific. This book was released on 2007-04-04 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume contains the contributions to a conference that is among the most important meetings in financial mathematics. Serving as a bridge between probabilists in Japan (called the Ito School and known for its highly sophisticated mathematics) and mathematical finance and financial engineering, the conference elicits the very highest quality papers in the field of financial mathematics.
Author : Management Association, Information Resources
Publisher : IGI Global
ISBN 13 : 1522525955
Total Pages : 515 pages
Book Rating : 4.5/5 (225 download)
Download or read book Game Theory: Breakthroughs in Research and Practice written by Management Association, Information Resources and published by IGI Global. This book was released on 2017-06-19 with total page 515 pages. Available in PDF, EPUB and Kindle. Book excerpt: Developments in the use of game theory have impacted multiple fields and created opportunities for new applications. With the ubiquity of these developments, there is an increase in the overall utilization of this approach. Game Theory: Breakthroughs in Research and Practice contains a compendium of the latest academic material on the usage, strategies, and applications for implementing game theory across a variety of industries and fields. Including innovative studies on economics, military strategy, and political science, this multi-volume book is an ideal source for professionals, practitioners, graduate students, academics, and researchers interested in the applications of game theory.
Author : Per-Olov Johansson
Publisher : Springer Science & Business Media
ISBN 13 : 3642276695
Total Pages : 145 pages
Book Rating : 4.6/5 (422 download)
Download or read book The Economics of Evaluating Water Projects written by Per-Olov Johansson and published by Springer Science & Business Media. This book was released on 2012-03-15 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents research on a kind of water use conflicts that is becoming more and more common and important: How to best manage moving water in times of increasing demand for electricity as well as environmental services. How should decisions be made between water use for electricity generation or for environmental and recreational benefits? The authors develop a simple general equilibrium model of a small open economy which is used to derive a cost-benefit rule that can be used to assess projects that divert water from electricity generation to recreational and other uses (or vice versa). The cost-benefit rule is then applied to the specific case of a proposed change at a Swedish hydropower plant. The book provides a manual for the evaluation of river regulations which can easily be replicated in other studies.
Author : Bruce Lyons
Publisher : Cambridge University Press
ISBN 13 : 1139481061
Total Pages : 513 pages
Book Rating : 4.1/5 (394 download)
Download or read book Cases in European Competition Policy written by Bruce Lyons and published by Cambridge University Press. This book was released on 2009-08-27 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: Competition between firms is usually the most effective way of delivering economic efficiency and what consumers want. However, there is a balance to be struck. Firms must not be over-regulated and so hampered in their development of innovative products and new strategies to compete for customers. Nor must they be completely free to satisfy a natural preference for monopoly, which would give them higher profits and a quieter life. The economic role of competition policy (control of anticompetitive agreements, mergers and abusive practices) is to maintain this balance, and an effective policy requires a nuanced understanding of the economics of industrial organization. Cases in European Competition Policy demonstrates how economics is used (and sometimes abused) in competition cases in practical competition policy across Europe. Each chapter summarizes a real case investigated by the European Commission or a national authority, and provides a critique of key aspects of the economic analysis.
