Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 2007 erstellt
Beschreibung:
In this paper we study the option to invest in a new airport, considering that the benefits of the investment behave stochastically. In particular, the number of passengers, and the cash flow per passenger are both assumed to be random. Additionally, positive and negative shocks are also incorporated, which seems to be realistic for this type of projects. Accordingly, we propose a new real options model which combines two stochastic factors with positive and negative shocks