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基本説明
Publication delayed (Originally scheduled in June 2002). Addresses a wide range of issues in valuation using the Real Options technique.
Full Description
Real R&D options are among the earliest modelled real options, with now ten primary practical uses: general R&D planning, planning R&D in stages, evaluating test information, new product development timing, operations, abandonment, risk sharing, market funding, industry strategy and regulation.This book was partly motivated by requests to identify and develop real option models for R&D in telecommunications, petroleum technology and biotechnology. Nine new models cover information and implementation costs, analytical solutions for mean reverting, or fat tailed revenues, endogenous learning and exogenous and experiential shocks, American sequential options, and innovator advantages. Four new applications include forward start development options, exploration options, innovation with information costs, and innovator's real values with changing market share. R&D directors and researchers will find several uses for these models: general R&D planningevaluating test informationnew product development timingrisk sharingindustry strategy and regulation
Contents
Real R&D option modelsR&D (Dis)investment decisions (Bieke, Klumpes, Tippett)Information uncertainty and real options (Bellalah)Subsidies for R&D investments (Jou, Lee)A gene to drug venture: Poisson and extreme distribution modelsR&D real American sequential investment options (Lee, Paxson)Implementation uncertainty and investment timing (Tsekrekos)Review of classical & new real R&D empirical applications (Paxson)Venture capital investments (Seppa, Laamanen)Geological uncertainty (Cortazar, Casassus, Schwartz)Service sector R&D (Warren, Jensen)Pharmaceutical R&D (Loch, Bode-Greuel)Electronics R&D new product (Lint, Pennings)Appendix 1: Models in ExcelAppendix 2: Real R&D Options Database