Real Options Analysis
Real Options Analysis is a resource guide to publications which focus on real options
analysis, investments under uncertainty, and related topics.
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Each entry below includes
the source organization and a link to its website, a description of the resource and its
primary features, and indicates any information that is accessible free online.
For a comprehensive listing of books, publications, and other resources which focus on
business appraisal, intangible asset appraisal, and related financial and economic topics,
see Business Valuation Books and Publications.
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Real
Options: A Practitioner's Guide
Tom Copeland, V. Antikarov, Texere, 2003
Revised edition offers decision-makers the ability to assess the profitability of their
ventures and decide which avenue of expansion or investment to go down and, crucially,
when to take that leap. The reader goes on a journey from the basics to more advanced
topics such as options and game theory and receives guidance on how to implement the theory
to maximize investment opportunities by utilizing uncertainty as an asset and reducing
downside risk.
Real Options Analysis: Tools and Techniques for Valuing Strategic Investments and Decisions,
Second Edition
Johnathan Mun, Wiley, 2005
Provides a comprehensive overview of the real options methodology and explores the tools
and techniques inherent in this method that will allow users to efficiently value strategic
investments and decisions. It examines both the qualitative and quantitative aspects,
valuation methods, why and when they are used, as well as the applicability of these methods
in decision-making.
Real Options: Managing Strategic Investment in an Uncertain World
Martha Amram, Nalin Kulatilaka, Oxford University Press, 1998
Through case studies, the authors show managers how to use real options to evaluate investments
and create exit strategies in R&D, product design, contracts, and information technology.
Real Options : Managerial Flexibility and Strategy in Resource Allocation
Lenos Trigeorgis, MIT Press, 1996
Publication reviews current techniques of capital budgeting and details an approach that
provides a means of quantifying the elusive elements of managerial flexibility in the
face of unexpected changes in the market. Also discussed are the strategic value of new
technology, project interdependence, and competitive interaction.
Project Flexibility, Agency, and Product Market Competition: New Developments in the Theory
and Application of Real Options Analysis
Michael J. Brennan, Lenos Trigeorgis, Oxford University Press, 1999
Exemplifies how the development and application of the real options paradigm has revolutionized
project evaluation and corporate strategy. Designed for corporate executive and students
of finance, economics, and engineering management that focus on issues in budgeting or
financial theory.
Real Options in Capital Investment
Lenos Trigeorgis, Praeger Publishers, 1995
Presents various models and operating strategies, and a variety of applications ranging
from acquisitions and divestitures, to natural resource development and pollution compliance.
Valuation of Corporate Growth Opportunities: A Real Options Approach
Richard Ottoo, Garland, 2000
Addresses how to value an enterprise that has no earnings or cash flows, and presents
a model for valuing enterprises that may have no existing assets but only growth opportunities.
Real Options And Business Strategy: Applications to Decision Making
Lenos Trigeorgis, 1999
Provides comparison between the application of option-pricing approach and other decision
making tools and includes illustrative working examples.
Real Options and Investment Under Uncertainty
Eduardo Schwartz, Lenos Trigeorgis, The MIT Press, 2001
Topics covered include the reasons for the under-investment problem and conceptual frameworks
for viewing productive investment opportunities; useful valuation building blocks; the
quantifying of various types of real options separately and in combination; strategic
aspects of investment under uncertainty; numerical analysis techniques; a variety of applications,
including the valuing of natural resources, R&D and pioneer ventures, land development,
strategic acquisitions, government subsidies, power plants and pollution options, flexible
manufacturing, and multinational operations; and empirical evidence from oil leasing,
land prices, and discontinued operations.
Investment Under Uncertainty
Avinash K. Dixit, Robert S. Pindyck, Princeton University Press, 1994
Shows the importance of their theory for understanding investment behavior of firms; develops
the implications of this theory for industry dynamics and for government policy concerning
investment; and shows how their theory can be applied to specific industries and to a
wide variety of business problems.
Game Choices : The Intersection of Real Options and Game Theory
Steven Grenadier, Risk Books, 2000
A core reference on the latest developments in game theory and real option approaches
when addressing competition risk provides a structured framework for analyzing strategic
games in relation to competition, explores the theoretical and applied approach of game
theory and real options, provides a new perspective on understanding competitor behavior
and analyses strategic interaction between companies, and explains how models are devised
and how to apply these techniques to the market.
Real Options: Principles and Practice
S. Howell, A. Stark, D. Newton, D. Paxson, Prentice Hall, 2001
Offers specific guidance on directing or applying real options analysis in financial decision-making
and contains outlines of spreadsheet solutions.
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