Scandizzo, Pasquale Lucio; Savastano, Sara - European Association of Agricultural Economists - EAAE - 2009
The paper illustrates a theoretical model of real option value applied to the problem of land development. Making use of the 1998-2001 Kyrgyz Household Budget Survey, we show that when the hypothesis of decreasing return to scale holds, the relation between the threshold value of revenue per...