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dc.contributor.author
Spiegel, Alisa
dc.contributor.author
Britz, Wolfgang
dc.contributor.author
Djanibekov, Utkur
dc.contributor.author
Finger, Robert
dc.date.accessioned
2022-02-21T08:00:03Z
dc.date.available
2020-03-19T02:39:42Z
dc.date.available
2020-03-19T17:16:50Z
dc.date.available
2020-03-20T08:53:36Z
dc.date.available
2020-03-20T12:43:04Z
dc.date.available
2020-03-20T12:48:20Z
dc.date.available
2022-02-21T08:00:03Z
dc.date.issued
2020-05
dc.identifier.issn
1364-8152
dc.identifier.issn
1873-6726
dc.identifier.other
10.1016/j.envsoft.2020.104656
en_US
dc.identifier.uri
http://hdl.handle.net/20.500.11850/405669
dc.identifier.doi
10.3929/ethz-b-000405669
dc.description.abstract
In the light of uncertainties, high initial costs, and temporal managerial flexibility, the real options approach has gained interest as a valuation tool for different types of natural resources management problems. Yet, neither real options valuation method excels under consideration of variability of resource endowments, returns-to-scale and predefined sizes of options. We fill the methodological gap by developing a method based on Monte Carlo simulation, scenario tree reduction, and stochastic programming that is advantageous for valuing real options where timing, scale and interactions among constraints and alternatives matter. The method advances in straightforward conversion of deterministic programming applications based on the classical net present value approach into a real options framework, and in introducing complexity into existing real options models. We illustrate the method with a case study featuring investment options regarding the adoption, coppicing, and conversion of perennial biomass energy production systems.
en_US
dc.format
application/pdf
en_US
dc.language.iso
en
en_US
dc.publisher
Elsevier
en_US
dc.rights.uri
http://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subject
Investment decision
en_US
dc.subject
Real options
en_US
dc.subject
Monte Carlo simulation
en_US
dc.subject
Stochastic programming
en_US
dc.subject
Perennial crop
en_US
dc.title
Stochastic-dynamic modelling of farm-level investments under uncertainty
en_US
dc.type
Journal Article
dc.rights.license
Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International
dc.date.published
2020-02-18
ethz.journal.title
Environmental Modelling & Software
ethz.journal.volume
127
en_US
ethz.journal.abbreviated
Environ. Model. Softw.
ethz.pages.start
104656
en_US
ethz.size
14 p.
en_US
ethz.version.deposit
acceptedVersion
en_US
ethz.identifier.wos
ethz.identifier.scopus
ethz.publication.place
Kidlington
en_US
ethz.publication.status
published
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
ethz.date.deposited
2020-03-19T02:39:59Z
ethz.source
SCOPUS
ethz.eth
yes
en_US
ethz.availability
Open access
en_US
ethz.date.embargoend
2022-02-18
ethz.rosetta.installDate
2020-03-19T17:17:06Z
ethz.rosetta.lastUpdated
2022-03-29T19:55:14Z
ethz.rosetta.versionExported
true
ethz.COinS
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