The dissertation mainly consists of two articles: INVESTMENTS IN KAZAKHSTANI DAIRY FARMING: A COMPARISON OF THE CLASSICAL INVESTMENT THEORY AND THE REAL OPTIONS APPROACH Abstract This study analyzes the explanatory potential of the real options approach (ROA) regarding the reluctance of...

Claiming analogy with financial option pricing the real options approach assumes that the present value of investment cash flows (or: real asset value) can be replicated by a risk-free financial portfolio; that is, this present value is considered to be equivalent to an asset value in a complete...

Viele Studien zeigen, dass Miscanthus (MSC) im Vergleich zum klassischen Ackerbau ökonomisch vorteilhaft sein kann. Dennoch bauen Landwirte nur vereinzelt MSC an. Es hat daher den Anschein, dass Landwirte der traditionellen Investitionstheorie nicht folgen. Im Unterschied zur traditionellen...