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Product Description
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"A book of carefully chosen readings on real options is long overdue; the recognition that nearly every serious investment decision has important embedded options has spawned a growing and vibrant literature. Real Options and Investment Uncertainty will be an indispensable reference for both the practitioner who is looking for guidance and the academic who would like to know more about this new research area." Stephen Ross, Franco Modigliani Professor of Finance and Economics, Massachusetts Institute of Technology
Product Description
The study of investment under uncertainty was stagnant for several decades, until recent developments in real options provided the tools to revitalize the field. The techniques and insights derived from option pricing can now be used to quantify the elusive elements of managerial operating flexibility and strategic interactions ignored or underestimated by conventional Net Present Value and other quantitative approaches.Topics covered include the reasons for the under-investment problem and conceptual frameworks for viewing productive investment opportunities as real options; useful valuation building blocks; the quantifying of various types of real options separately and in combination; strategic aspects of investment under uncertainty; numerical analysis techniques; a variety of applications, including the valuing of natural resources, R&D and pioneer ventures, land development, strategic acquisitions, government subsidies, power plants and pollution options, flexible manufacturing, and multinational operations; and empirical evidence from oil leasing, land prices, and discontinued operations.
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Customer Reviews
Most Helpful Customer Reviews
9 of 9 people found the following review helpful
Format:Hardcover
Schwartz and Trigeorgis present a collection of some of the key papers on real options (each paper comes with its list of references).
They have succeeded in covering many areas of this field, ranging from the management perspective (e.g. Luehrman in his "Strategy as a Portfolio of Real Options" paper) to the numerical techniques underlying the evaluation of real options (all approaches are represented: the lattice approach - e.g., Trigeorgis' log-transformed method, the simulation approach and the SDE/FD methods).
Schwartz and Trigeorgis arranged the papers in a logical way (concepts, basic models, valuation of basic ROs, strategy and competition, numerical techniques, application examples and empirical evidence) and give an introduction of 16 pages.
The book is highly recommended to scholars who are interested in real options and want to have a good collection of some of the key papers. It also offers value to practitioners with a bias towards analytical techniques by presenting some of the key conceptual papers on the topic.
Great book.
0 of 1 people found the following review helpful
Format:Paperback
To quickly get introduced to real options valuation and its applications this is an excellent collection of readings.
Most Helpful Customer Reviews on Amazon.com (beta)
Amazon.com:
1 review
1 of 1 people found the following review helpful
Good Collection of Articles
23 April 2008
Format:Paperback|Amazon Verified Purchase
This textbook provides the student with a good collection of papers on fundamental aspects of real options. Traditional NPV analysis gets a trashing by this book and the proponents of real options analysis. Of course, there is some merit to it or else many prominent academics would not waste their time discussing the issues. There is a good blend of theoretical and empirical papers, and the papers discuss a variety of applications from the traditional natural resource investment to real estate.
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