کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
986623 1480911 2010 10 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
PMA license valuation: A Bayesian learning real options approach
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
PMA license valuation: A Bayesian learning real options approach
چکیده انگلیسی

This paper develops a Bayesian learning real option (BLRO) by merging the Bayesian decision-making process with the real options framework. The BLRO approach is then used to value a parts manufacturing approval (PMA) license for an aerospace firm in the maintenance, repair, and overhaul industry. The model combines statistical decision theory with options pricing to evaluate strategic capital expenditures assuming a decision time horizon and posturing costs. Real option attributes are discussed in a decision analytic context and thresholds are identified for improved decision-making. In contrast to other models in the real options literature in which new information is passively introduced during the delay period, our approach encourages active information acquisition and quantifies its impact on the decision.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Review of Financial Economics - Volume 19, Issue 1, January 2010, Pages 28–37
نویسندگان
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