- Hardcover: 704 pages
- Publisher: John Wiley & Sons; 2nd Edition edition (22 Nov 2005)
- Language English
- ISBN-10: 0471747483
- ISBN-13: 978-0471747482
- Product Dimensions: 16.1 x 5.5 x 23.2 cm
- Average Customer Review: 3.0 out of 5 stars See all reviews (1 customer review)
- Amazon Bestsellers Rank: 408,632 in Books (See Top 100 in Books)
- See Complete Table of Contents
Real Options Analysis
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More About the Author
Product Description
Product Description
"Mun demystifies real options analysis and delivers a powerful, pragmatic guide for decision–makers and practitioners alike. Finally, there is a book that equips professionals to easily recognize, value, and seize real options in the world around them."
––Jim Schreckengast, Senior VP, R&D Strategy, Gemplus International SA, France
––Jim Schreckengast, Senior VP, R&D Strategy, Gemplus International SA, France
Completely revised and updated to meet the challenges of today′s dynamic business environment, Real Options Analysis, Second Edition offers you a fresh look at evaluating capital investment strategies by taking the strategic decision–making process into consideration. This comprehensive guide provides both a qualitative and quantitative description of real options; the methods used in solving real options; why and when they are used; and the applicability of these methods in decision making.
From the Inside Flap
Real options analysis has become a key management tool for many of today′s businesses. It is an accurate method for estimating the value of corporate investments, and it can be effectively utilized in situations where management has flexibility in large capital budget decisions with high uncertainty.
Completely revised and updated to meet the challenges of today′s dynamic business environment, Real Options Analysis, Second Edition offers a fresh look at evaluating capital investment strategies by taking the strategic decision–making process into consideration. This comprehensive guide provides both a qualitative and quantitative description of real options; the methods used in solving real options; why and when they are used; and the applicability of these methods in decision making.
Real Options Analysis, Second Edition is divided into three informative parts. Part One looks at the qualitative nature of real options, providing actual business cases and scenarios of real options in the industry, as well as high–level explanations of how real options provide much–needed insights for decision making. Complete with worked–out examples and mathematical formulae, Part Two looks at the mathematical concepts and step–by–step quantitative analysis needed to effectively use real options in the decision–making process. Finally, in Part Three, you′ll discover how to use Real Options Valuation′s Super Lattice Solver and Risk Simulator software—both developed by author Johnathan Mun and included in the companion CD–ROM (standard thirty–day trial)—to perform real options analysis like never before.
Filled with in–depth insight and expert advice, this Second Edition contains many important updates,including:
- Extended examples and step–by–step computations of American, Bermudan, European, and customized options, such as abandon, barrier, chooser, contraction, and expansion options
- Extensive coverage of advanced and exotic real and financial options, including multiple–phased sequential compound options, trinomial mean–reverting options, quadranomial jump–diffusion options, and much more
- Several brand–new case studies on applying real options in the industry as well as real options cases with step–by–step, worked–out solutions using the Super Lattice Solver software
- More–in–depth discussions of volatility estimates, discount rates, risk, and uncertainty
Real Options Analysis, Second Edition is an accessible guide to the use of real options in the decision–making process. With this book as your guide, real options expert Johnathan Mun will help you gain a firm understanding of real options analysis when valuing strategic investments and decisions, and show you how to apply it across numerous industries—from manufacturing to pharmaceuticals.
Inside This Book
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First Sentence
The new economy provides a challenge for the corporate decision-maker. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
The new economy provides a challenge for the corporate decision-maker. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews
Most Helpful Customer Reviews
1 of 1 people found the following review helpful
Format:Hardcover
A good book to gain understanding of real options analysis without getting into the stochastic calculus of options !!!. The treatment is good and maths kept to a basic level - level of basic finance.
However problem lies with the treatment of the subject - the author has gone into promoting the software in the book instead of entering deeper into the subject since options are a part and parcel of human life - both personal and professional. And Real Options Analysis provides the necessary quantifying insights for decision making.
In the previous edition he used Crystal Ball. Softwares will keep changing hence I felt he could have cut down on the number of chapters devoted to the software use and focus more on developing the subject matter since real options analysis provides a new and challenging way of evaluating projects and decisions over the plain vanilla NPV approach.
The writer could arrange to provide a stripped down version / student version of the software - at least we can use for a long time instaed of the fixed number of days. I did not even bother installing it in my laptop becuase uninstalling is another headache within a month or 2.
However problem lies with the treatment of the subject - the author has gone into promoting the software in the book instead of entering deeper into the subject since options are a part and parcel of human life - both personal and professional. And Real Options Analysis provides the necessary quantifying insights for decision making.
In the previous edition he used Crystal Ball. Softwares will keep changing hence I felt he could have cut down on the number of chapters devoted to the software use and focus more on developing the subject matter since real options analysis provides a new and challenging way of evaluating projects and decisions over the plain vanilla NPV approach.
The writer could arrange to provide a stripped down version / student version of the software - at least we can use for a long time instaed of the fixed number of days. I did not even bother installing it in my laptop becuase uninstalling is another headache within a month or 2.
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
15 reviews
121 of 122 people found the following review helpful
This book is made to trick you to buy the software
10 April 2003
Format:Hardcover
Mun's book is excellent, but you should not buy it unless you are willing to buy the...software used extensively in the book.
The CD-ROM enclosed with "Real Option Analysis" includes
- the Real Option Analysis Toolkit (demo), which expires one week after installation.
- the Crystal Ball Software, which expires one mounth after installation.
This means that you have to buy the expensive software one week after installing the demo to have any benefit from the book...The book is a trick to get your to buy the...software -and it is a shame that you get no information of this before you find out that the demo has expired!
9 of 9 people found the following review helpful
On average: a good book
29 July 2004
Format:Hardcover
This was my first book on Real Options. After this, I complemented my knowledge with more accurate researches on the theoritic foundations on the subject (eg. Trigeorgis and Copeland).
What I liked of this text is that it was a soft landing into the Real Option world, with a simple and easily understandable description. Its major pro is to present transparently the basics of a concept that is often approached at a too high and formal level.
What I did not like is the fact that few chapters at the end were not really useful but full of stuff and formulas with no explanations that cannot practically be used. I had the sensation they were out of place, since I could grasp their meaning only after passing to more comprehensive books.
One more criticism is that you don't understand the effect of the difference between private and public risk in real options evaluation as you do with other texts. However, I still consider this the book where I formed my basics before being able to master some other more detailed book (but also more difficult to master). The Crystall-Ball package was also a nice surprise. At the end, if you consider the price and the content it was surely good value for money even though it's not a masterpiece.
What I liked of this text is that it was a soft landing into the Real Option world, with a simple and easily understandable description. Its major pro is to present transparently the basics of a concept that is often approached at a too high and formal level.
What I did not like is the fact that few chapters at the end were not really useful but full of stuff and formulas with no explanations that cannot practically be used. I had the sensation they were out of place, since I could grasp their meaning only after passing to more comprehensive books.
One more criticism is that you don't understand the effect of the difference between private and public risk in real options evaluation as you do with other texts. However, I still consider this the book where I formed my basics before being able to master some other more detailed book (but also more difficult to master). The Crystall-Ball package was also a nice surprise. At the end, if you consider the price and the content it was surely good value for money even though it's not a masterpiece.
12 of 13 people found the following review helpful
decent read on real options
6 July 2003
Format:Hardcover
decent read... did a good job on explaining practical uses of real options. would have been better if not so much written promoting the use of crystal ball. overall, happy to see that minimizes coverage on replicating portfolios and focuses on risk neutral prob. i recommend this book, especially if mba student and brief coverage in intro class of real options leaves you interested / unfulfilled.
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