The real option approach to investments can simply be considered as the extension of financial option theory to options on real (i.e. non-financial) assets. This approach underlies the need to consider the value of flexibility coupled to irreversible investment decisions in an uncertain environment. As main result, the theory offers the conclusion that it may be better to delay an investment even when its immediate net present value is positive. Aim of this paper is to critically survey some of the most recent advances of this literature with a special attention to the recent studies which emphasize the strategic relevance of the interactions among the investment decisions of firms

Marseguerra, G., Cortelezzi, F., Investimenti irreversibili, interazione strategica ed opzioni reali: analisi teorica ed applicazioni, <<ECONOMIA POLITICA>>, 2006; 2 (2): 265-302 [http://hdl.handle.net/10807/84672]

Investimenti irreversibili, interazione strategica ed opzioni reali: analisi teorica ed applicazioni

Marseguerra
Primo
;
Giovanni; Cortelezzi
Secondo
2006

Abstract

The real option approach to investments can simply be considered as the extension of financial option theory to options on real (i.e. non-financial) assets. This approach underlies the need to consider the value of flexibility coupled to irreversible investment decisions in an uncertain environment. As main result, the theory offers the conclusion that it may be better to delay an investment even when its immediate net present value is positive. Aim of this paper is to critically survey some of the most recent advances of this literature with a special attention to the recent studies which emphasize the strategic relevance of the interactions among the investment decisions of firms
Italiano
Marseguerra, G., Cortelezzi, F., Investimenti irreversibili, interazione strategica ed opzioni reali: analisi teorica ed applicazioni, <<ECONOMIA POLITICA>>, 2006; 2 (2): 265-302 [http://hdl.handle.net/10807/84672]
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/10807/84672
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