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首页> 外文期刊>Environmental economics and policy studies >Real options analysis of the Minami Alps forest road construction project: new valuation approach to social infrastructure project with sequential unit projects
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Real options analysis of the Minami Alps forest road construction project: new valuation approach to social infrastructure project with sequential unit projects

机译：南阿尔卑斯山森林公路建设项目的实物期权分析：具有顺序单元项目的社会基础设施项目的新估值方法

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摘要

This article illustrates how the real options approach to public project evaluation is executed with a large-scale forest road construction project in one of the national park regions in Japan as a case study. Paying due attention to the existence of specified beneficiaries who want to make sure the allocated cost burden is warranted by prospective tangible economic benefits realized by the project's execution, framing the real options application to public projects is made possible with the use of market-priced risk value in similar public projects. The article analyzes ex ante project evaluation models under both the existing legal framework and a new legal framework that allows the option to abandon the project totally or partially and clarifies how positive net present values of the Minami Alps forest road construction project depend on the cost-effectiveness parameter values of environmental damage mitigation activities and the degree of uncertainty embedded in the planned project. The article also executes sensitivity analysis to illustrate how the optimal domain of cost-effectiveness parameter values are affected by other parameters, such as the investment cost of unit project; and summarizes its contribution to the field of public project evaluation.
机译：本文举例说明了如何在日本国家公园之一的大型森林公路建设项目中执行对公共项目评估的实物期权方法。充分注意指定受益人的存在，他们希望确保分配的成本负担由项目执行所带来的预期有形经济利益所保证，因此可以通过使用市场价格风险将实物期权应用于公共项目在类似的公共项目中的价值。本文在现有法律框架和新的法律框架下分析了事前项目评估模型，该模型允许选择完全或部分放弃该项目，并阐明了南阿尔卑斯山森林公路建设项目的正净现值如何取决于成本—减轻环境损害活动的有效性参数值以及计划项目中嵌入的不确定性程度。本文还进行了敏感性分析，以说明成本效益参数值的最佳域是如何受其他参数（如单位项目的投资成本）影响的；并总结了其对公共项目评估领域的贡献。

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