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The Potential Viability of Biomass Ethanol as a Renewable Fuel

Nalley, Lanier; Hudson, Darren - EconWPA - 2004

Much attention has been paid to alternative fuel sources of late. Ethanol has been a politically popular alternative … examines the potential markets for ethanol, including biomass ethanol, and discusses the strengths and weaknesses of different … oxygenate products. We find that the market for ethanol is tenuous and dependent on government support at this time. Biomass …

Persistent link: https://www.econbiz.de/10005561786

Wertschaffendes Umweltmanagement. Keine Nachhaltigkeit ohne ökonomischen Erfolg. Kein ökonomischer Erfolg ohne Nachhaltigkeit

Figge, Frank - EconWPA - 2004

Die Studie „Wertschaffendes Umweltmanagement“ betrachtet den Zusammenhang zwischen Umweltaspekten und Unternehmenswert. Hierbei bezieht sie erstmals zwei unterschiedliche, sich ergänzende Bewertungsverfahren ein: Sie nimmt erstens das Konzept des Environmental Shareholder Value auf und...

Persistent link: https://www.econbiz.de/10005407755

Barriers and Optimal Investment

Saphores, Jean-Daniel - EconWPA - 2004

This paper analyzes the impact of different types of barriers on the decision to invest using a simple framework based on stochastic discount factors. Our intuitive approach proposes an alternative to the real options methodology that does not rely on the “smooth-pasting condition.” An...

Persistent link: https://www.econbiz.de/10005408247

Practical guide to real options in discrete time II

Boyarchenko, Svetlana; Levendorskii, Sergei - EconWPA - 2005

This paper is an extended version of the paper 'Practical Guide to Real Options in Discrete Time' (http://econwpa.wustl.edu:80/eps/fin/papers/0405/0405016.pdf), where a general, computationally simple approach to real options in discrete time was suggested. We explicitly formulate conditions of...

Persistent link: https://www.econbiz.de/10005413111

Valuing Joint Ventures Using Real Options

Pape, Ulrich; Schmidt-Tank, Stephan - EconWPA - 2005

As the valuation of strategic measures becomes increasingly important, relatively few articles have discussed the valuation methods pertained for joint ventures. This paper shows that real options contribute to a better valuation of joint venture projects through superior reflection of the value...

Persistent link: https://www.econbiz.de/10005077010

Buridan's Ass and a Menu of Options.

Boyarchenko, Svetlana - EconWPA - 2005

The goal of the paper is to study how a menu of options affects decisions of a rational agent facing uncertainty over future payoff streams. Using the real options approach, we demonstrate that multiple options not only increase the barrier which the underlying stochastic variable has to reach...

Persistent link: https://www.econbiz.de/10005550882

Optimal two stage committee voting rules

Ayres, Ian; Rowat, Colin; Zakariya, Nasser - EconWPA - 2004

We study option management by committee. Analysis is illustrated by tenure decisions. Our innovations are two-fold: we treat the committee's problem as one of social choice, not of information aggregation; and we endogenise the outside option: rejecting a candidate at either the probationary or...

Persistent link: https://www.econbiz.de/10005118661

Flexibility and Technology Choice in Gas Fired Power Plant Investments

Näsäkkälä, Erkka; Fleten, Stein- Erik - EconWPA - 2004

The value of a gas fired power depends on the spark spread, defined as the difference between the price of electricity and the cost of gas used for the generation of electricity. We model the spark spread using a two-factor model, allowing mean-reversion in short-term variations and uncertainty...

Persistent link: https://www.econbiz.de/10005118874

Sequential International Joint-Ventures and the Option to Choose

Lukas, Elmar - EconWPA - 2005

The purpose of this study is to formalize the optimal choice of market entry strategy for an individual multinational enterprise (MNE) from a dynamic perspective. It is argued that incorporating a suitable treatment of irreversibility, uncertainty and flexibility related to a MNEs investment...

Persistent link: https://www.econbiz.de/10005125492

The Other Side of Limited Liability: Predatory Behavior and Investment Timing

Bayer, Christian - EconWPA - 2004

This paper investigates the interplay of investment irreversibility, predatory behavior, and limited liability in a duopoly with aggregate demand uncertainty. We find that limited liability and investment irreversibility is likely to produce predatory behavior in very competitive industries in...

Persistent link: https://www.econbiz.de/10005134505