메뉴 건너뛰기




Volumn 21, Issue 10, 2007, Pages 1717-1733

Using real options theory to irrigation dam investment analysis: An application of binomial option pricing model

Author keywords

Binomial process; Investment analysis; Net Present Value; Real options; Water management

Indexed keywords

COST ACCOUNTING; DECISION MAKING; INVESTMENTS; IRRIGATION; WATER MANAGEMENT;

EID: 34548488240     PISSN: 09204741     EISSN: None     Source Type: Journal    
DOI: 10.1007/s11269-006-9122-3     Document Type: Article
Times cited : (36)

References (38)
  • 2
    • 34548515398 scopus 로고    scopus 로고
    • The real options approach to evaluating a risky investment by a new generation cooperative: Further processing
    • A paper presented at the Las Vegas, NV, December
    • Bailey MD, Sporleder TS (2000) The real options approach to evaluating a risky investment by a new generation cooperative: Further processing. A paper presented at the annual meetings of NCR-194 research on cooperatives, Las Vegas, NV, December, 12-13
    • (2000) Annual Meetings of NCR-194 Research on Cooperatives , pp. 12-13
    • Bailey, M.D.1    Sporleder, T.S.2
  • 3
    • 0001204881 scopus 로고
    • Inflation, uncertainty, and investment
    • (July)
    • Baldwin C, Ruback R (1986) Inflation, uncertainty, and investment. J Finance 41:657-669, (July)
    • (1986) J Finance , vol.41 , pp. 657-669
    • Baldwin, C.1    Ruback, R.2
  • 4
    • 0002370823 scopus 로고
    • Managing investment opportunities under price uncertainty: From 'last chance' to wait and see strategies
    • (Autumn)
    • Bjerksund P, Ekern S (1990) Managing investment opportunities under price uncertainty: From 'last chance' to wait and see strategies. Financ Manage, 19:65-83, (Autumn)
    • (1990) Financ Manage , vol.19 , pp. 65-83
    • Bjerksund, P.1    Ekern, S.2
  • 5
    • 0011595473 scopus 로고
    • Contingent claims evaluation of mean-reverting cash flows in shipping
    • In: Trigeorgis L (eds) Praeger, New York, NY
    • Bjerksund P, Ekern S (1993) Contingent claims evaluation of mean-reverting cash flows in shipping. In: Trigeorgis L (eds) Real options in capital investment (New contributions), Praeger, New York, NY
    • (1993) Real Options in Capital Investment (New Contributions)
    • Bjerksund, P.1    Ekern, S.2
  • 6
    • 85015692260 scopus 로고
    • The pricing of options and corporate liabilities
    • Black F, Scholes M (1973) The pricing of options and corporate liabilities. J Polit Econ 3:637-654
    • (1973) J Polit Econ , vol.3 , pp. 637-654
    • Black, F.1    Scholes, M.2
  • 7
    • 0043017993 scopus 로고    scopus 로고
    • Prentice Hall, Upper Saddle River, NJ
    • Bodie Z, Merton RCM (2000) Finance. Prentice Hall, Upper Saddle River, NJ
    • (2000) Finance
    • Bodie, Z.1    Merton, R.C.M.2
  • 9
    • 0001603924 scopus 로고
    • Evaluating natural resource investments
    • Brennan MJ, Schwartz ES (1985) Evaluating natural resource investments. J Bus 58(2):135-157
    • (1985) J Bus , vol.58 , Issue.2 , pp. 135-157
    • Brennan, M.J.1    Schwartz, E.S.2
  • 10
    • 84977731487 scopus 로고
    • The valuation of sequential exchange opportunities
    • (December)
    • Carr P (1988) The valuation of sequential exchange opportunities. J Finance 43(5):1235-1256, (December)
    • (1988) J Finance , vol.43 , Issue.5 , pp. 1235-1256
    • Carr, P.1
  • 11
    • 49249142814 scopus 로고
    • Option pricing: A simplified approach
    • Cox J, Ross R, Rubinstein M (1979) Option pricing: A simplified approach. J Financ Econ 7(4):71-90
    • (1979) J Financ Econ , vol.7 , Issue.4 , pp. 71-90
    • Cox, J.1    Ross, R.2    Rubinstein, M.3
  • 12
    • 0001586452 scopus 로고
    • Investment under uncertainty, irreversibility and the arrival of information over time
    • Demers M (1991) Investment under uncertainty, irreversibility and the arrival of information over time. Rev Econ Stud 58:333-350
    • (1991) Rev Econ Stud , vol.58 , pp. 333-350
    • Demers, M.1
  • 13
    • 0001123061 scopus 로고
    • Investment and hysteresis
    • Dixit A (1992) Investment and hysteresis. J Econ Perspect 6(1):107-132
    • (1992) J Econ Perspect , vol.6 , Issue.1 , pp. 107-132
    • Dixit, A.1
  • 15
    • 0001749529 scopus 로고
    • The options approach to capital investment
    • May-June
    • Dixit A, Pindyck RS (1995) The options approach to capital investment. Harvard Bus Rev 105-115, May-June
    • (1995) Harvard Bus Rev , pp. 105-115
    • Dixit, A.1    Pindyck, R.S.2
  • 17
    • 0000198123 scopus 로고
    • Calculation of the value which forest land and immature stands possess for forestry
    • Faustmann M (1849) Calculation of the value which forest land and immature stands possess for forestry. J Forest Econ 1(1):7-44
    • (1849) J Forest Econ , vol.1 , Issue.1 , pp. 7-44
    • Faustmann, M.1
  • 18
    • 0003145343 scopus 로고
    • Waiting to invest: Investment and uncertainty
    • Ingersoll JE, Ross SA (1992) Waiting to invest: Investment and uncertainty. J Bus 65:1-30
    • (1992) J Bus , vol.65 , pp. 1-30
    • Ingersoll, J.E.1    Ross, S.A.2
  • 19
    • 21344497329 scopus 로고
    • Case studies on real options
    • (Autumn)
    • Kemma A (1993) Case studies on real options. Financ Manage, 22:259-270, (Autumn)
    • (1993) Financ Manage , vol.22 , pp. 259-270
    • Kemma, A.1
  • 20
    • 0002739347 scopus 로고
    • Adding the value of active management into the capital budgeting equation
    • Kensinger J (1987) Adding the value of active management into the capital budgeting equation. Midl Corp Financ J 5:31-42
    • (1987) Midl Corp Financ J , vol.5 , pp. 31-42
    • Kensinger, J.1
  • 21
    • 0000135893 scopus 로고
    • Today's options for tomorrow's growth
    • (March/April)
    • Kester WC (1984) Today's options for tomorrow's growth. Harvard Bus Rev 62:153-160, (March/April)
    • (1984) Harvard Bus Rev , vol.62 , pp. 153-160
    • Kester, W.C.1
  • 22
    • 0000205922 scopus 로고
    • Turning growth options into real assets
    • In: Aggarwal A (eds) Prentice Hall, Englewood Cliffs, NJ
    • Kester WC (1993) Turning growth options into real assets. In: Aggarwal A (eds) Capital budgeting under uncertainty, Prentice Hall, Englewood Cliffs, NJ, pp 187-207
    • (1993) Capital Budgeting Under Uncertainty , pp. 187-207
    • Kester, W.C.1
  • 23
    • 21344486669 scopus 로고
    • The value of flexibility: The case of a dual fuel industrial steam boiler
    • Kulatilaka N (1993) The value of flexibility: The case of a dual fuel industrial steam boiler. Financ Manage 22:271-280
    • (1993) Financ Manage , vol.22 , pp. 271-280
    • Kulatilaka, N.1
  • 24
    • 0001522113 scopus 로고
    • The general flexibility to switch: Real options revisited
    • Kulatilaka N, Trigeorgis L (1994) The general flexibility to switch: real options revisited. Int J Finance 6:778-798
    • (1994) Int J Finance , vol.6 , pp. 778-798
    • Kulatilaka, N.1    Trigeorgis, L.2
  • 25
    • 0001832876 scopus 로고    scopus 로고
    • Investment opportunities as real options: Getting started on the numbers
    • July-August
    • Luehrman TA (1998) Investment opportunities as real options: Getting started on the numbers. Harvard Bus Rev 51-67, July-August
    • (1998) Harvard Bus Rev , pp. 51-67
    • Luehrman, T.A.1
  • 26
    • 0000704002 scopus 로고
    • Investment and the valuation of firms when there is an option to shut down
    • (June)
    • McDonald R, Siegel D (1985) Investment and the valuation of firms when there is an option to shut down. Int Econ Rev 26(2):331-349, (June)
    • (1985) Int Econ Rev , vol.26 , Issue.2 , pp. 331-349
    • McDonald, R.1    Siegel, D.2
  • 27
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • (November)
    • Myers SC (1977) Determinants of corporate borrowing. J Financ Econ 9:147-176, (November)
    • (1977) J Financ Econ , vol.9 , pp. 147-176
    • Myers, S.C.1
  • 28
    • 0009977384 scopus 로고    scopus 로고
    • Uncertainty outlay in time to build problems
    • Ott SH, Thompson HE (1996) Uncertainty outlay in time to build problems. Manage Decis Econ 17(1):1-16
    • (1996) Manage Decis Econ , vol.17 , Issue.1 , pp. 1-16
    • Ott, S.H.1    Thompson, H.E.2
  • 29
    • 0002266867 scopus 로고
    • Valuing offshore oil properties with option pricing models
    • Paddock JL, Siegel DR, Smith JL (1987) Valuing offshore oil properties with option pricing models. Midl Corp Finance J 5:22-30
    • (1987) Midl Corp Finance J , vol.5 , pp. 22-30
    • Paddock, J.L.1    Siegel, D.R.2    Smith, J.L.3
  • 30
    • 0000888844 scopus 로고
    • Irreversible investment, capacity choice, and the value of the firm
    • Pindyck R (1988) Irreversible investment, capacity choice, and the value of the firm. Am Econ Rev 78:969-985
    • (1988) Am Econ Rev , vol.78 , pp. 969-985
    • Pindyck, R.1
  • 31
    • 0000281418 scopus 로고
    • Irreversibility, uncertainty and investment
    • Pindyck RS (1991) Irreversibility, uncertainty and investment. J Econ Lit 29:1110-1148
    • (1991) J Econ Lit , vol.29 , pp. 1110-1148
    • Pindyck, R.S.1
  • 32
    • 0033471657 scopus 로고    scopus 로고
    • Irreversible investment decision in perennial crops with yield and price uncertainty
    • Price T, Wetzstein M (1999) Irreversible investment decision in perennial crops with yield and price uncertainty. J Agric Resour Econ 24(1):173-185
    • (1999) J Agric Resour Econ , vol.24 , Issue.1 , pp. 173-185
    • Price, T.1    Wetzstein, M.2
  • 33
    • 0032021949 scopus 로고    scopus 로고
    • Valuing oil properties: Integrating option pricing and decision analysis approaches
    • (March/April)
    • Smith J, McCardle K (1998) Valuing oil properties: Integrating option pricing and decision analysis approaches. Oper Res 46:198-217, (March/ April)
    • (1998) Oper Res , vol.46 , pp. 198-217
    • Smith, J.1    McCardle, K.2
  • 35
    • 21344498048 scopus 로고
    • Real options and interactions with financial flexibility
    • Trigeorgis L (1993) Real options and interactions with financial flexibility. Financ Manage 22(3):202-224
    • (1993) Financ Manage , vol.22 , Issue.3 , pp. 202-224
    • Trigeorgis, L.1
  • 36
    • 0001043541 scopus 로고    scopus 로고
    • A conceptual options framework for capital budgeting
    • Trigeorgis L (1998) A conceptual options framework for capital budgeting. Adv Futures Options Res 3:145-167
    • (1998) Adv Futures Options Res , vol.3 , pp. 145-167
    • Trigeorgis, L.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.