The Investment Decision Under Uncertainty
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The Investment Decision Under Uncertainty
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Author : Donald Eugene Farrar
language : en
Publisher:
Release Date : 1967
The Investment Decision Under Uncertainty written by Donald Eugene Farrar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1967 with Capital investments categories.
Investment Under Uncertainty
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Author : Robert K. Dixit
language : en
Publisher: Princeton University Press
Release Date : 2012-07-14
Investment Under Uncertainty written by Robert K. Dixit and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-14 with Business & Economics categories.
How should firms decide whether and when to invest in new capital equipment, additions to their workforce, or the development of new products? Why have traditional economic models of investment failed to explain the behavior of investment spending in the United States and other countries? In this book, Avinash Dixit and Robert Pindyck provide the first detailed exposition of a new theoretical approach to the capital investment decisions of firms, stressing the irreversibility of most investment decisions, and the ongoing uncertainty of the economic environment in which these decisions are made. In so doing, they answer important questions about investment decisions and the behavior of investment spending. This new approach to investment recognizes the option value of waiting for better (but never complete) information. It exploits an analogy with the theory of options in financial markets, which permits a much richer dynamic framework than was possible with the traditional theory of investment. The authors present the new theory in a clear and systematic way, and consolidate, synthesize, and extend the various strands of research that have come out of the theory. Their book shows the importance of the theory for understanding investment behavior of firms; develops the implications of this theory for industry dynamics and for government policy concerning investment; and shows how the theory can be applied to specific industries and to a wide variety of business problems.
Investment Decision Under Uncertainty
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Author : James C. T. Mao
language : en
Publisher:
Release Date : 1969
Investment Decision Under Uncertainty written by James C. T. Mao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1969 with Capital investments categories.
Stochastic Dominance
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Author : Haim Levy
language : en
Publisher: Springer Science & Business Media
Release Date : 2006-08-25
Stochastic Dominance written by Haim Levy and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-08-25 with Business & Economics categories.
This book is devoted to investment decision-making under uncertainty. The book covers three basic approaches to this process: the stochastic dominance approach; the mean-variance approach; and the non-expected utility approach, focusing on prospect theory and its modified version, cumulative prospect theory. Each approach is discussed and compared. In addition, this volume examines cases in which stochastic dominance rules coincide with the mean-variance rule and considers how contradictions between these two approaches may occur.
Teh Investment Decision Under Uncertainty
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Author :
language : en
Publisher:
Release Date : 1967
Teh Investment Decision Under Uncertainty written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1967 with categories.
Investment Decision Making Under Uncertainty
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Author : M. Chronopoulos
language : en
Publisher:
Release Date : 2011
Investment Decision Making Under Uncertainty written by M. Chronopoulos and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.
Traditional real options analysis addresses investment under uncertainty assuming a risk-neutral decision maker and complete markets. In reality, however, decision makers are often risk averse and markets are incomplete. Additionally, capital projects are seldom now-or-never investments and can be abandoned, suspended, and resumed at any time. In this thesis, we develop a utility-based framework in order to examine the impact of operational flexibility, via suspension and resumption options, on optimal investment policies and option values. Assuming a risk-averse decision maker with perpetual options to suspend and resume a project costlessly, we confirm that risk aversion lowers the probability of investment and demonstrate how this effect can be mitigated by incorporating operational flexibility. Also, we illustrate how increased risk aversion may facilitate the abandonment of a project while delaying its temporary suspension prior to permanent resumption. Besides timing, a firm may have the freedom to scale the investment's installed capacity. We extend the traditional real options approach to investment under uncertainty with discretion over capacity by allowing for a constant relative risk aversion utility function and operational flexibility in the form of suspension and resumption options. We find that, with the option to delay investment, increased risk aversion facilitates investment and decreases the required investment threshold price by reducing the amount of installed capacity. We explore strategic aspects of decision making under uncertainty by examining how duopolistic competition affects the entry decisions of risk-averse investors. Depending on the discrepancy between the market share of the leader and the follower, greater uncertainty may increase or decrease the discrepancy in the non-pre-emptive leader's relative value. Furthermore, risk aversion does not affect the loss in the value of the leader for the pre-emptive duopoly setting, but it makes the loss in value relatively less for the leader in a non-preemptive duopoly setting.
The Investment Decision Under Uncertainty
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Author : Donald Eugene Farrar
language : en
Publisher:
Release Date : 1961
The Investment Decision Under Uncertainty written by Donald Eugene Farrar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1961 with categories.
Decision Under Uncertainty
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Author : Emil Numminen
language : en
Publisher: LAP Lambert Academic Publishing
Release Date : 2010-06
Decision Under Uncertainty written by Emil Numminen and has been published by LAP Lambert Academic Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-06 with categories.
An investment decision can generally be described as a contingent decision relying on information gatherings from a previous decision or decisions made concerning the investment at hand. It is thus like the same investment decision is made over and over again. The difficulty in applying this tactic in human resource decisions is that the decision is trans-formed over time into another type of investment decision with other properties than the original one. Reasons for this could be that conditions for the investment decision have changed. This book analyses empirically how well models for decision-making under uncertainty can describe investments in human recourses. The two approaches focused on in this book are traditional decision analysis and real option analysis.
Financial Decision Making Under Uncertainty
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Author : ANDERSON ANDERSON WEBSTER
language : en
Publisher: Academic Press
Release Date : 2014-06-28
Financial Decision Making Under Uncertainty written by ANDERSON ANDERSON WEBSTER and has been published by Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-28 with Business & Economics categories.
Financial Dec Making under Uncertainty
Investment Decisions Under Uncertainty
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Author : Reginald Ansell Day Egerton
language : en
Publisher:
Release Date : 1960
Investment Decisions Under Uncertainty written by Reginald Ansell Day Egerton and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1960 with Hypothesis categories.
