Project Flexibility, Agency and Competition [Hardcover]

Michael J. Brennan (Editor), Lenos Trigeorgis (Editor)

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Product details

Hardcover: 366 pages
Publisher: OUP USA (2 Dec 1999)
Language English
ISBN-10: 0195112695
ISBN-13: 978-0195112696
Product Dimensions: 36.3 x 25.1 x 9.4 cm
Amazon Bestsellers Rank: 1,924,469 in Books (See Top 100 in Books)

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Product Description

While most approaches to capital budgeting have used discounted cash flow valuation techniques, recent attention has been given to the valuation of "real options" to look at capital budgeting decisions and project management. Real options are a measure of the value of managerial flexibility and strategic value in capital investment. Because this topic is important but not yet covered adequately, Innovation, Infrastructure and Strategic Options fills a major gap in the market. This text deals with issues of R&D and technology options, investments involving learning, infrastructure, competition, strategy, and growth options.

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First Sentence
Most firms do not make explicit use of real option techniques in evaluating investments. Read the first page

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Amazon.com: 3 reviews

17 of 17 people found the following review helpful

Cutting edge but very challenging mathematically 2 July 2000

By A Customer - Published on Amazon.com

This book gives you the latest update on what's going on in real options theory. Brilliant throughout, but its really too hard mathematically to be of much value for someone who's not a math-person. I found the chapter on the Antamina mine to be immensely interesting. It was originally used as a case study on options theory at Harvard and shows you how these academics went about valuing a peruvian mine. It's a very valuable chapter because it is focused on the practical side of real options theory. The chapter on "Rules of thumb for capital budgeting" didn't make much sense at all to me. The rest of the chapters are no easy read, but if you feel up to it mathematically, you're going to find this a very interesting book. If your not that much into mathematics, I think it's going to leave you rather frustrated. This book cannot have been meant as a guide for practitioners, it's more of a field day for academics, that's my impression at least.

15 of 16 people found the following review helpful

The book of the year 2000 on real options ! 21 April 2000

By A Customer - Published on Amazon.com

OK, I admit the year has not ended yet, but that doesn't mean you mus not read this: now! This book is co-edited by Trigeorgis, one of the most proeminent author in the area. It deals with all the new developements on real options. It's objective is to give the researcher or student a key to enter the world of real options. Contributions are worldwide, mainly by people with a strong mathematical background. This makes it sometime difficult to understand for more management focused readers. However the book by the quality of the writting and the new ideas it brings, keeps you awake like a thriller. To be own by any person who want's to know about the future (nearly present) of corporate finance.

Good book, learnt a lot. 9 July 2001

By A Customer - Published on Amazon.com

Actually, I'd give it 3.5 stars. Excellent exposition and developement of material. However, there are quite a few typo's that would throw the reader with less math off the trail (and possibly some with good math). Good coverage of different types of cases, underlying math, real world appications and properties of solutions. Personally, I would have preferred all the rigorous material (including math proofs) in the one book rather than making statements and referring to seminal real options papers very often. Some credit is due here, however, as there are some proofs in appendices at the end of each chapter - I think these could have gone into a little more detail and depth - (I say this only because there isn't the vast library of books on this subject that exists for more mature disciplines - guess I was looking for a more comprehensive reference.) I have read Trigeorgis' other books so this was not an introduction. Liked the book, learnt a lot and am applying it to real life projects, however had to learn a fair bit on my own too.

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