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Modeling and Analyzing of the Interaction between Expansion Options and Abandonment Options

Author: HuangSongJie
Tutor: YangXiaoZhou
School: Shantou University
Course: Applied Mathematics
Keywords: Real Options Expansion Option Option to Abandon Interaction
CLC: F224
Type: Master's thesis
Year: 2008
Downloads: 91
Quote: 1
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Abstract


We know that in a course of investment projects , managers usually based on the progress of the project as well as changes in market conditions on the project and make the appropriate adjustments to adapt to the new environment. The traditional valuation methods ( such as discounted cash flow method ) can not include this kind of management flexibility , so people in the long process of discussions gradually propose a new method of valuation . This new method of valuation reflects the value of the project 's two components: a project created by the discounted value of expected cash flows ; 2, the course of the project managers actively manage reflect value. We usually call this method the real options method . Current discussions on real options valuation are mostly concentrated in a single option . That is only one option only discuss the project valuation issues. In real life , investment projects typically contain multiple real options , so multiple options on value estimates after interaction studies will have great practical significance . In this paper, two specific real options ( option to expand with the abandonment option ) value after interaction were discussed. According to the order of two different options expiration date were modeled in three cases , and gives the model equation solving process . Finally concludes the paper .

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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