Stepwise investment and capacity sizing under uncertainty
作者: Michail ChronopoulosVerena HagspielStein-Erik Fleten
作者单位: 1School of Computing Engineering and Mathematics, University of Brighton
2Department of Business and Management Science, Norwegian School of Economics
3Department of Industrial Economics and Technology Management, Norwegian University of Science and Technology
刊名: OR Spectrum, 2017, Vol.39 (2), pp.447-472
来源数据库: Springer Journal
DOI: 10.1007/s00291-016-0460-0
关键词: Investment analysisCapacity sizingFlexibilityReal options
英文摘要: Abstract(#br)The relationship between uncertainty and managerial flexibility is particularly crucial in addressing capital projects. We consider a firm that can invest in a project in either a single (lumpy investment) or multiple stages (stepwise investment) under price uncertainty and has discretion over not only the time of investment but also the size of the project. We confirm that if the capacity of a project is fixed and the investment premium associated with stepwise investment is positive, then lumpy investment becomes more valuable than a stepwise investment strategy under high price uncertainty. By contrast, if a firm has discretion over capacity, then we show that the stepwise investment strategy always dominates that of lumpy investment. In addition, we show that the total...
全文获取路径: Springer  (合作)
影响因子:1.41 (2012)

  • uncertainty 不定
  • sizing 分级
  • investment 投资
  • capacity 电容量
  • under 在下