Real Options in Theory and Practice

ISBN-10: 0195380630
ISBN-13: 9780195380637
Edition: 2009
List price: $65.00
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Description: Decision makers in business and economics face a staggering array of problems. Managers of growing firms have to decide which growth options will expand their business. Governments have to decide which infrastructure investments to undertake.  More...

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Book details

List price: $65.00
Copyright year: 2009
Publisher: Oxford University Press, Incorporated
Publication date: 7/30/2009
Binding: Hardcover
Pages: 448
Size: 6.58" wide x 9.50" long x 1.25" tall
Weight: 1.628
Language: English

Decision makers in business and economics face a staggering array of problems. Managers of growing firms have to decide which growth options will expand their business. Governments have to decide which infrastructure investments to undertake. Managers of oil firms must decide how rapidly to deplete their reserves. Owners of land must decide when and how to develop. Operators of power plants must decide when to start them up and when to shut them down. While these problems seemquite diverse, they share many important features. In each case, the decision maker must choose when to take a particular action that will be difficult, if not impossible, to reverse. In each case, the consequences of taking (or not taking) that action are uncertain. The timing and nature ofthese actions directly affect revenue. Real options that often vary radically from one problem to another. The book focuses on building a general approach to solving problems from the ground up to show readers how real options can be assembled in a way appropriate to the individual problem being analyzed. The book will inform both practitioners who want to develop their analytical techniques and also graduate students who will eventually become practitioners. The real-options approach to capital budgeting (and business decision-making more generally) was introduced 30 years ago and is now widely accepted. While there are now many books that introduce the concept of real options to a general business audience, students and practitioners have been given little guidance as to how to actually implement these concepts in practice. Each book will feature a CD with spreadsheets intended for a broad range of real-world applications.

Preface
Introduction
Foundations
The modeling framework
Valuing single-period cash flows
Valuing multi-period cash flows
Combining valuation and decision making
Component Real Options
Options that do not affect the state of a project
Simple timing options
Compound timing options
Uber-compound timing options 200
Switching options
Learning options
Calibrating the Model 293
Calibration using spot and futures price data 294
Calibration using option price data
Calibrating trees of alternative state variables
Putting the Pieces Together
Forestry management and valuation
Developing a gas field
Mothballing an ethanol plant
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