کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5080780 | 1477583 | 2012 | 9 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Optimal modular production strategies under market uncertainty: A real options perspective
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کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
سایر رشته های مهندسی
مهندسی صنعتی و تولید
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چکیده انگلیسی
In this paper, we develop a product modularization model based on real options theory to help a firm determine the optimal modular production strategies under market uncertainty: whether/when to exercise the option of modularization. We find that market volatility has great impacts on the optimal degree of product modularity and the timing for modular production. The results show that when market is more volatile, it is optimal for a firm to postpone modularization, and when a firm's investment efficiency at the preparation stage is higher, the firm can start modular production earlier with relatively low product modularity. Also, an increase in market uncertainty will stimulate the firm to improve its product modularity. Finally, by comparing the predictions from the widely used net present value method (NPV) to the results from our real options model, we argue that traditional NPV method underestimates a firm's value for modular production and might mislead a firm to modularize earlier.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Journal of Production Economics - Volume 139, Issue 1, September 2012, Pages 266-274
Journal: International Journal of Production Economics - Volume 139, Issue 1, September 2012, Pages 266-274
نویسندگان
Su Xiu Xu, Qiang Lu, Zhuoxin Li,