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 |
| _version_ | 1799769184773603328 |
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| author | Milanesi, Gastón Broz, Diego Ricardo Woitschachz, Guillermo Bruno |
| author_facet | Milanesi, Gastón Broz, Diego Ricardo Woitschachz, Guillermo Bruno |
| author_sort | Milanesi, Gastón |
| collection | MYB |
| description | 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. |
| format | Online |
| id | oai:oai.myb.ojs.inecol.mx:article-329 |
| institution | Madera y Bosques |
| language | spa |
| publishDate | 2013 |
| publisher | Instituto de Ecología, A.C. |
| record_format | ojs |
| spelling | oai:oai.myb.ojs.inecol.mx:article-3292022-11-29T23:50:31Z Real options for determining optimum time systems sylvopastoral: investment analysis Opciones reales para determinar el turno óptimo en sistemas silvopastoriles: análisis de inversión Milanesi, Gastón Broz, Diego Ricardo Woitschachz, Guillermo Bruno Cash flow optimal timing real options binomial lattice. 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. El trabajo propone analizar y valorar, desde la perspectiva económica-financiera, el momentoóptimo de cosecha en un sistema silvopastoril, utilizando las Opciones Reales (OR) como herramientapara la toma de decisiones estratégicas. Ésta se basa en un proceso estocástico para la proyección deprecios, mientras que el Valor Actual Neto (VAN) utiliza una tasa fija en todo el proyecto. Los resultadosmediante OR indican talar a los 18 años con un VOR (Valor Opción Real) $AR 1 088 339 frente a laalternativa VAN de talar a los 11 años y $AR 511 914. Instituto de Ecología, A.C. 2013-12-05 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Artículo evaluado por pares application/pdf https://myb.ojs.inecol.mx/index.php/myb/article/view/329 10.21829/myb.2013.193329 Madera y Bosques; Vol. 19 No. 3 (2013): Otoño 2013 Madera y Bosques; Vol. 19 Núm. 3 (2013): Otoño 2013 2448-7597 1405-0471 spa https://myb.ojs.inecol.mx/index.php/myb/article/view/329/510 Derechos de autor 2015 Madera y Bosques |
| spellingShingle | Milanesi, Gastón Broz, Diego Ricardo Woitschachz, Guillermo Bruno Real options for determining optimum time systems sylvopastoral: investment analysis |
| title | Real options for determining optimum time systems sylvopastoral: investment analysis |
| title_full | Real options for determining optimum time systems sylvopastoral: investment analysis |
| title_fullStr | Real options for determining optimum time systems sylvopastoral: investment analysis |
| title_full_unstemmed | Real options for determining optimum time systems sylvopastoral: investment analysis |
| title_short | Real options for determining optimum time systems sylvopastoral: investment analysis |
| title_sort | real options for determining optimum time systems sylvopastoral: investment analysis |
| url | https://myb.ojs.inecol.mx/index.php/myb/article/view/329 |
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