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dc.contributor.author
Spiegel, Alisa
dc.contributor.author
Britz, Wolfgang
dc.contributor.author
Finger, Robert
dc.date.accessioned
2018-02-09T13:02:15Z
dc.date.available
2017-12-08T08:28:50Z
dc.date.available
2017-12-11T08:27:50Z
dc.date.available
2017-12-12T17:35:49Z
dc.date.available
2017-12-13T08:19:31Z
dc.date.available
2017-12-13T08:21:02Z
dc.date.available
2018-02-09T13:02:15Z
dc.date.issued
2017
dc.identifier.uri
http://hdl.handle.net/20.500.11850/219189
dc.identifier.doi
10.3929/ethz-b-000219189
dc.description.abstract
The stochastic dynamic optimization model documented in here simulates decisions of an arable farm with respect to long-term investment based on a compound American option. The implemented application is an investment in short-rotation coppice (SRC). SRC uses fast-growing trees that, once they are set-up, are coppiced several times and finally cleared-up. Time and scale of SRC introduction, intermediate harvest quantities, and final reconversion are flexible and constitute decision variables along with cropping shares for competing crops. A farmer distributes limited resources, i.e. land and labor, to SRC and competing annual crops. This decision is based on the maximization of the expected NPV under constraints related to policy obligation capturing ecological requirements. The price of SRC biomass and gross margins of annual crops are assumed to stochastic and captured by a stochastic process, but these prices can also be included as deterministic components. The costs of harvests are depicted by a function capturing economies of scale. Moreover, the farmer represented in the model can be assumed as risk-neutral or risk-averse. The model quantifies optimal time and scale of SRC cultivation and allows conducting policy and risk analyses.
en_US
dc.format
application/zip
en_US
dc.language.iso
en
en_US
dc.publisher
ETH Zurich
en_US
dc.rights.uri
http://rightsstatements.org/page/InC-NC/1.0/
dc.subject
Real option
en_US
dc.subject
Stochastic programming
en_US
dc.subject
INVESTMENT ANALYSIS
en_US
dc.subject
risk analysis
en_US
dc.subject
policy analysis
en_US
dc.subject
Short-rotation coppice
en_US
dc.subject
agriculture
en_US
dc.subject
AGRICULTURAL ECONOMICS
en_US
dc.subject
scenario tree reduction
en_US
dc.subject
Monte-Carlo simulation
en_US
dc.title
A real-option farm-level model on investment in perennial energy crops under risk considerations
en_US
dc.type
Model
dc.rights.license
In Copyright - Non-Commercial Use Permitted
ethz.size
125.40 MB
en_US
ethz.geolocation.placename
Germany
ethz.publication.place
Zurich
en_US
ethz.leitzahl
ETH Zürich::00002 - ETH Zürich::00012 - Lehre und Forschung::00007 - Departemente::02120 - Dep. Management, Technologie und Ökon. / Dep. of Management, Technology, and Ec.::09564 - Finger, Robert / Finger, Robert
en_US
ethz.leitzahl.certified
ETH Zürich::00002 - ETH Zürich::00012 - Lehre und Forschung::00007 - Departemente::02120 - Dep. Management, Technologie und Ökon. / Dep. of Management, Technology, and Ec.::09564 - Finger, Robert / Finger, Robert
en_US
ethz.date.retentionend
indefinite
en_US
ethz.date.retentionendDate
n/a
ethz.date.deposited
2017-12-08T08:28:51Z
ethz.source
FORM
ethz.eth
yes
en_US
ethz.availability
Open access
en_US
ethz.description.software
GAMS, Java
en_US
ethz.rosetta.installDate
2017-12-11T08:28:27Z
ethz.rosetta.lastUpdated
2020-02-15T11:11:44Z
ethz.rosetta.versionExported
true
ethz.COinS
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