the impact of concession length and investment timing flexibility on the "concession value." It is generally argued that …. Moreover, the real option theory suggests that investment flexibility has an intrinsic value, as it allows concessionaires to … investment timing flexibility, should always result in higher concession values. Our result suggests that this is not always the …

licencees do not face the obligation to to develop the lease or to undertake the investment required to use the assigned … "use or lose" provisions upon the private time of investment. We find that these provisions may either increase or reduce … the probability of early investment, depending on the risk of losing the licence and the expectations about on …