Valuing Managerial Flexibility: An Application of Real-Option Theory to Mining Investments

margaret E. Slade

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Valuing Managerial Flexibility: An Application of Real-Option Theory to Mining Investments

机译：重视管理灵活性：实物期权理论在矿业投资中的应用

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The value of managerial flexibility is assessed using data on prices, costs, grades, reserves, ore extraction, and metal output for a panel of Canadian copper mines. A real-option model is estimated and solved for project and option values. Most empirical researchers (I) consider the initial-investment decision but neglect flexible operation thereafter, (ii) assume that price is stochastic but ignore cost and reserve uncertainty, and (iii) model price as a nonstationary stochastic process.

机译：使用一组加拿大铜矿的价格，成本，品位，储量，矿石开采和金属产量的数据评估管理灵活性的价值。估计并求解了实物期权模型的项目和期权价值。大多数经验研究者（I）考虑初始投资决策，但此后却忽略了灵活的操作；（ii）假设价格是随机的，但忽略了成本和储备的不确定性；（iii）将价格建模为非平稳的随机过程。

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来源
《Journal of Environmental Economics and Management》 |2001年第2期|p.193-233|共41页
作者
margaret E. Slade;
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作者单位

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收录信息美国《科学引文索引》(SCI);美国《工程索引》(EI);
原文格式 PDF
正文语种 eng
中图分类环境科学、安全科学;
关键词
managerial flexibility; real options; contingent-claims analysis;

机译：管理上的灵活性;实物期权;或有债权分析;

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Valuing Managerial Flexibility: An Application of Real-Option Theory to Mining Investments

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