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首页> 外文期刊>Environmental & Resource Economics >The Value of Flexibility: Preservation, Remediation, or Development for Ginostra?
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The Value of Flexibility: Preservation, Remediation, or Development for Ginostra?

机译：灵活性的价值：Ginostra的保存，修复或开发？

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摘要

We are concerned with land allocation and investment decisions when dealing with partially degraded areas that might be (1) remediated and returned to a more natural state; or (2) irreversibly developed. This type of problem seems particularly relevant in Europe where the issue of wilderness conservation is of less concern than the remediation of landscapes which have been altered by previous economic activities. Traditional expected present value analysis will fail to capture the value of investments that might be undertaken sequentially or when certain investments are irreversible. We show how to determine, within a discrete-time, stochastic model, the optimal adaptive development strategy and how to calculate the option value of flexibility. The theoretical model is then applied to Ginostra, a town on Stromboli, an island off the southern coast of Italy.
机译：在处理可能被（1）修复并恢复到更自然状态的部分退化地区时，我们关注土地分配和投资决策。或（2）不可逆转地发展。这种类型的问题在欧洲似乎特别相关，在欧洲，与以前的经济活动已经改变的景观修复相比，对荒野保护的关注较少。传统的预期现值分析将无法捕获可能顺序进行或某些投资不可逆转时可能产生的投资价值。我们展示了如何在离散时间的随机模型中确定最佳的自适应开发策略以及如何计算灵活性的期权价值。然后将理论模型应用于吉诺斯特拉（Ginostra），斯特诺博利（Stromboli）上的一个小镇，该小镇位于意大利南部海岸外。

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