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Precautionary principle and the cost benefit analysis of innovative projects
Baudry, Marc - HAL - 2011
account of the perspective to acquire better but costly information in the future. Though the real option theory seems to be …
Persistent link: https://www.econbiz.de/10008855836
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Un tour d'horizon des critères d'évaluation de la diversité biologique
Aulong, S.; Erdlenbruch, K.; Figuières, C. - HAL - 2005
Cet article utilise un exemple simple pour passer en revue des concepts de mesure de la biodiversité, avec un effort pour expliciter leurs fondements axiomatiques. L'article offre ensuite un aperçu des concepts développés pour sa protection, et il s'achève sur une discussion de quelques...
Persistent link: https://www.econbiz.de/10008790446
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On the Role of External Financing Costs in Optimal Investment Decisions
Belhaj, Mohamed; Klimenko, Nataliya - HAL - 2012
This paper brings into focus a link between the investment and financing decisions of a firm which has an access to costly debt financing. Our analysis shows that lump-sum debt issuance costs play a prominent role in a determination of the optimal investment strategy. Faced with larger lump-sum...
Persistent link: https://www.econbiz.de/10010933822
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Coordination and Cooperation in Investment Timing with Externalities ?
Villemeur, Etienne Billette De; Ruble, Richard; … - HAL - 2011
We characterize sequential (preemption) and simultaneous (coordination) equilibria, as well as joint-value maximizing (cooperation) solutions, in a model of investment timing allowing for externalities in both flow pro...ts and investment costs. For two ex-ante symmetric ...rms, either...
Persistent link: https://www.econbiz.de/10009369653
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Nuclear Waste Disposal in France: the Contribution of Economic Analysis
Héraud, Jean-Alain; Ionescu, Oana - HAL - 2011
This article addresses the following question: How to deal with uncertainty, emergence of new information and … intuition and more precisely we emphasize the real options theory as one means of valuing ‡exible strategies in the disposal of …
Persistent link: https://www.econbiz.de/10010821298
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On the timing of vertical relationships
Villemeur, Etienne Billette De; Ruble, Richard; … - HAL - 2011
In a real option model, we show that the standard analysis of vertical relationships transposes directly to investment timing. Thus, when a firm undertaking a project requires an outside supplier (e.g., an equipment manufacturer) to provide it with a discrete input to serve a growing but...
Persistent link: https://www.econbiz.de/10008924937
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On the Tacit Collusion Equilibria of an Investment Timing Game
Rubble, Richard; Versaevel, Bruno - HAL - 2008
This note further characterizes the tacit collusion equilibria in the investment timing game of Boyer, Lasserre and Moreaux [1]. Tacit collusion equilibria may or may not exist, and when they do may involve either finite time investments (type 1) or infinite delay (type 2). The relationship...
Persistent link: https://www.econbiz.de/10008788971
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Cumulative Leadership and Entry Dynamics
Versaevel, Bruno - HAL - 2009
development uncertainty and may enter by investing in lumpy capacity units. With perfect mobility, when the first entrant plays as … possible by its superior mobility. Greater uncertainty reduces the value differential to the benefit of thefollower. It also …
Persistent link: https://www.econbiz.de/10008790627
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Arbitrage Models and Mortgage Options Pricing
Simon, Arnaud - HAL - 2005
In this paper we examine the applicability of arbitrage theory to real estate. Arbitrage theory has been applied to the … could produce very large errors (even up to 100%) by applying - unwisely - conventional arbitrage theory techniques. The … options theory as in real estate, the tools developed in that field could probably well adapt to real estate; we provide here …
Persistent link: https://www.econbiz.de/10008792598
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Real Options under Choquet-Brownian Ambiguity
Roubaud, David; Lapied, André; Kast, Robert - HAL - 2010
Real options models characterized by the presence of ambiguity have been recently proposed. But based on recursive multiple-priors approaches to solve ambiguity, these seminal models reduce individual preferences to extreme pessimism by considering only the worst case scenario. In contrast, by...
Persistent link: https://www.econbiz.de/10008793841