High-speed rail transport valuation

被引：12
|
作者：
Pimentel, Pedro Miguel [1 ]
Azevedo-Pereira, Jose [2 ]
Couto, Gualter [1 ]
机构：
[1] Univ Azores, CEEAplA, Dept Econ & Business, Ponta Delgada, Portugal
[2] Univ Tecn Lisboa, Dept Management, ISEG, P-1100 Lisbon, Portugal
来源：
EUROPEAN JOURNAL OF FINANCE | 2012年 / 18卷 / 02期
关键词：
real options; uncertainty; timing; waiting; investment; high-speed rail; DEMAND; UNCERTAINTY; INVESTMENT;
D O I：
10.1080/1351847X.2011.574984
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In this paper, the optimal timing for investing in high-speed rail projects under uncertainty in relation to the utility provided to railway users was investigated. To accomplish this, a continuous time real options analysis framework using a stochastic demand model was developed to determine the optimal time to invest. Uncertainty upon investment expenditures was also added in an extended framework. The value of the option to defer and the investment opportunity value were also assessed.
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页码：167 / 183
页数：17
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