- Tytuł:
- Valuing managerial flexibility : an application of real-option theory to steel industry investments
- Autorzy:
-
Rębiasz, B.
Gaweł, B.
Skalna, I. - Powiązania:
- https://bibliotekanauki.pl/articles/406282.pdf
- Data publikacji:
- 2017
- Wydawca:
- Politechnika Wrocławska. Oficyna Wydawnicza Politechniki Wrocławskiej
- Tematy:
-
real options
switch options
stochastic processes
investment decision
Monte Carlo simulation
opcje realne
przełączniki
procesy stochastyczne
decyzja inwestycyjna
symulacja Monte Carlo - Opis:
- In the steel industry which is subject to significant volatility in its output prices and market demands for different ranges of products the diversification of production can generate important value for switch real options. Therefore, a common practice is to invest in various assets, thus generating the possibility of diversification of production and valuable switch options. The incremental benefit of product switch options in steel plant projects has been assessed. Such options are valued using the Monte Carlo simulation and modeling the prices of and demand for steel products as geometric Brownian motion (GBM). Our results show that this option can generate a significant increase in the net present value (NPV) of metallurgical projects.
- Źródło:
-
Operations Research and Decisions; 2017, 27, 2; 91-111
2081-8858
2391-6060 - Pojawia się w:
- Operations Research and Decisions
- Dostawca treści:
- Biblioteka Nauki
Artykuł