The Value of Real Abandonment Options on the R&D Investment Projects under Technical Uncertainty
Date Issued
2004
Date
2004
Author(s)
Tu, Hsiu-Ping
DOI
zh-TW
Abstract
Based on the fact that technical uncertainties affect the value of R&D investment projects a lot, we try to take this issue into consideration. From the simulation results, we find the more doubtful the technology development of the industry is, the more important the value of R&D projects is. The sensitivity analysis shows that positive relationship between the uncertainty and the correlation of the projects exists. Another results also imply that a negative relationship between recovering salvage value and the option value, which is consist with the conclusion of Farell and Saloner(1985).
Subjects
技術不確定性
實質放棄選擇權
R&D Investment Projects
technical uncertainty
real abandonment options
SDGs
Type
thesis
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