Real options : managerial flexibility and strategy in resource allocation

Lenos Trigeorgis

In the 1970s and the 1980s, developments in the valuation of capital-investment opportunities based on options pricing revolutionized capital budgeting. Managerial flexibility to adapt and revise future decisions in order to capitalize on favorable future opportunities or to limit losses has proven vital to long-term corporate success in an uncertain and changing marketplace.In this book Lenos Trigeorgis, who has helped shape the field of real options, brings together a wealth of previously scattered knowledge and research on the new flexibility in corporate resource allocation and in the evaluation of investment alternatives brought about by the shift from static cash-flow approaches to the more dynamic paradigm of real options -- an approach that incorporates decisions on whether to defer, expand, contract, abandon, switch use, or otherwise alter a capital investment.Comprehensive in scope, Real Options reviews current techniques of capital budgeting and details an approach (based on the pricing of options) that provides a means of quantifying the elusive elements of managerial flexibility in the face of unexpected changes in the market. Also discussed are the strategic value of new technology, project interdependence, and competitive interaction.The ability to value real options has so dramatically altered the way in which corporate resources are allocated that future textbooks on capital budgeting will bear little resemblance to those of even the recent past. Real Options is a pioneer in this area, coupling a coherent picture of how option theory is used with practical insights in into real-world applications.

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[目次]

  • Traditional capital budgeting
  • option-pricing theory and financial-options applications
  • a conceptual options framework for capital budgeting
  • quantifying flexibility: discrete-time analysis
  • quantifying flexibility: some continuous-time analytic models
  • interactions among multiple real options
  • strategic planning and control
  • competition and strategy
  • numerical analysis
  • applications
  • conclusions and implications.

「Nielsen BookData」より

この本の情報

書名 Real options : managerial flexibility and strategy in resource allocation
著作者等 Trigeorgis, Lenos
Mason, Scott P.
出版元 MIT Press
刊行年月 c1996
ページ数 xiii, 427 p.
大きさ 24 cm
ISBN 026220102X
NCID BA27926815
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言語 英語
出版国 アメリカ合衆国
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