Murillas Maza, Arantza - Departamento de Economía Aplicada III (Econometría y … - 2000
capture the management s flexibility, thus they may understate its value. The motivation for using an option-based approach to … capital budgeting arises from its potential to conceptualize and quantify the management s flexibility. Under this technique …, management may have valuable flexibility to alter its operating strategy, options to shut down (and restart) fishery development …