Assessing the Impact of XML/EDI with Real Option Valuation

von Dr. Shermin Voshmgir

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[1.] Svr/Fragment 081 10 - Diskussion
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BauernOpfer, Fragment, Gesichtet, SMWFragment, Schutzlevel sysop, Svr, Trigeorgis 1993

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Untersuchte Arbeit:
Seite: 81, Zeilen: 10-12, 14-22
Quelle: Trigeorgis 1993
Seite(n): 206, 207, Zeilen: 206: right col., 29 ff.; 207: left col., 7 ff.
Despite its enormous theoretical contribution, the focus of the earlier literature on valuing individual real options (i.e., one type of option at a time) has nevertheless limited its practical value. [...] Real-life projects are often more complex in that they involve a collection of multiple real options whose values may interact (Trigeorgis 1993). Trigeorgis (1991) presents the valuation of options to defer, abandon, contract or expand investment, and switch use in the context of a generic investment, first with each option in isolation and later in combination. He shows, for example, that the incremental value of an additional option, in the presence of other options, is generally less than its value in isolation and declines as more options are present. More generally, he identifies situations where option interactions can be small or large and negative as well as positive.

Trigeorgis, L. 1991, "A Log-Transformed Binomial Numerical Analysis Method for Valuing Complex Multi-Option Investments," Journal of Financial and Quantitative Analysis, pp. 309-326 (September 1991).

Trigeorgis, L. 1993, “Real Options and Interactions with Financial Flexibility”, Financial Management, vol. 22, no. 3, pp. 202-224.

Despite its enormous theoretical contribution, the focus of the earlier literature on valuing individual real options (i.e., one type of option at a time) has nevertheless limited its practical value. Real-life projects are often more complex in that they involve a collection of multiple real options whose values may interact.

[page 207]

Using a numerical analysis method suitable for valuing complex multi-option investments (Trigeorgis [104]), he presents the valuation of options to defer, abandon, contract or expand investment, and switch use in the context of a generic investment, first with each option in isolation and later in combination. He shows, for example, that the incremental value of an additional option, in the presence of other options, is generally less than its value in isolation and declines as more options are present. More generally, he identifies situations where option interactions can be small or large and negative as well as positive.


104. L. Trigeorgis, "A Log-Transformed Binomial Numerical Analysis Method for Valuing Complex Multi-Option Investments," Journal of Financial and Quantitative Analysis (September 1991), pp. 309-326.

Anmerkungen

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