| 来源类型 | FEEM working papers "Note di lavoro" series
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| 规范类型 | 论文
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| Quasi Option Value and Irreversible Choices |
| Valentina Bosetti
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| 发表日期 | 2001
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| 出处 | Economy and Society
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| 出版年 | 2001
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| 语种 | 英语
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| 摘要 | In this paper we are concerned with optimal investment decisions when dealing with land allocation problems. We aim to emphasise the importance of flexible modelling in order to capture irreversibility. In particular, we stretch a discrete model, firstly developed in Coggins and Ramezani (Coggins & Ramezzani , 1998), in order to cover a more realistic and complex scenario. Both environmental and economic uncertainty are included in the model and treated using an integrated approach, in which decision analysis techniques and option pricing theory are jointly applied to evaluate development versus conservation opportunities. Moreover, we take explicit account of how uncertainty interacts with two types of irreversibility: sunk costs associated with investment in developing decisions, including environmental and social costs due to environmental degradation, as well as sunk costs associated to environmental regulation and conservation. Finally, we use the Quasi Option Value, to derive decision rules that account for different levels of flexibility of land allocation possibilities. |
| 特色分类 | Q30,Q20,D81
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| 关键词 | Uncertainty,irreversibility,environment,land allocation
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| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/quasi-option-value-and-irreversible-choices/
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| 来源智库 | Fondazione Eni Enrico Mattei (Italy)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116617
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推荐引用方式
GB/T 7714 |
Valentina Bosetti. Quasi Option Value and Irreversible Choices. 2001.
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文件名：
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NDL2001-014.pdf
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格式：
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Adobe PDF
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