Real options for determining optimum time systems sylvopastoral: investment analysis
In this work we assess, from an economic and financial perspective, the optimal time of timberharvest in joint forestry-pasture systems. For this we apply a Real Options (RO) approach as a tool ofstrategic decision making. It assumes a stochastic process of price projections and is compared with the...
| Hlavní autoři: | , , |
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| Médium: | Online |
| Jazyk: | spa |
| Vydáno: |
Instituto de Ecología, A.C.
2013
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| On-line přístup: | https://myb.ojs.inecol.mx/index.php/myb/article/view/329 |
| Shrnutí: | In this work we assess, from an economic and financial perspective, the optimal time of timberharvest in joint forestry-pasture systems. For this we apply a Real Options (RO) approach as a tool ofstrategic decision making. It assumes a stochastic process of price projections and is compared with thepresent value (NPV) computed on the basis of a fixed rate all along the project. The results obtained bymeans of the RO approach recommend cutting at 18 years with a ROV (Real Options Valuation) of $AR1 088 339 (ARG) against the alternative NPV assessment that recommends cutting at 11 years andyields $AR 511 914. |
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