This paper develops an agent-based real options model, which is capable of analyzing the investment and disinvestment … the model in which the firms can trade permits with each other according to their investment or disinvestment behavior for …

relevant are the effects of taxation and risk on new business activities. It is worth noting that developing countries are … risk of expropriation. In particular, this may happen when early-stage businesses are supported by multinational companies …-up investment decisions. We find that, although tax rates are usually higher than the developed countries’ ones, taxation has an …