Real R & D Options (eBook)

Dean Paxson (Herausgeber)

eBook Download: PDF

2002 | 1. Auflage
333 Seiten
Elsevier Science (Verlag)
978-0-08-049797-6 (ISBN)

Infos

"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 planning
?evaluating test information
?new product development timing
?risk sharing
?industry strategy and regulation

*A practical guide to how organizations can use Real Option techniques to effectively value research and development by companies
*Provides a rigorous theoretical underpinning of the use of Real Option techniques
*Real Options applications are orientated around the economies of North America, Europe and Asia, for an international perspective"

Inhalt

Cover 1
Real R& D Options
Copyright Page 5
Contents 6
List of contributors 8
Chapter 1. Introduction to real R& D options
Chapter 2. On irreversibility, sunk costs and investment under incomplete information 22
Chapter 3. Investment under economic and implementation uncertainty 41
Chapter 4. An options approach to new product development: experience from Philips Electronics 59
Chapter 5. Analytic solutions for the value of the option to (dis)invest 78
Chapter 6. Student’s distribution and the value of real options 102
Chapter 7. Real R& D options with endogenous and exogenous learning
Chapter 8. Approximate valuation of real R& D American sequential exchange options
Chapter 9. Optimal exploration investments under price and geological–technical uncertainty: a real options model 160
Chapter 10. Investments in technological innovations under incomplete information 177
Chapter 11. The effect of first-mover’s advantages on the strategic exercise of real options 196
Chapter 12. Leader/follower real value functions if the market share follows a birth/death process 219
Chapter 13. R& D investment decision and optimal subsidy
Chapter 14. Optimal R& D investment tax credits under mean reversion return
Chapter 15. Genzyme Biosurgery: a virtual real R& D option case
Chapter 16. Selective review of real R& D options literature
Index 336

Produkt-Details

• Erscheint lt. Verlag: 1.12.2003
• Sprache: englisch
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Rechnungswesen / Bilanzen
• Themenwelt: Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Bankbetriebslehre
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Unternehmensführung / Management
• ISBN-10: 0-08-049797-7 / 0080497977
• ISBN-13: 978-0-08-049797-6 / 9780080497976