Vis enkel innførsel

dc.contributor.authorChronopoulos, Michail
dc.contributor.authorHagspiel, Verena
dc.contributor.authorFleten, Stein-Erik
dc.date.accessioned2017-10-24T08:07:32Z
dc.date.available2017-10-24T08:07:32Z
dc.date.created2016-10-17T11:50:38Z
dc.date.issued2016
dc.identifier.citationOR Spektrum. 2016, 39 (2), 447-472.nb_NO
dc.identifier.issn0171-6468
dc.identifier.urihttp://hdl.handle.net/11250/2461609
dc.description.abstractThe relationship between uncertainty and managerial flexibility is particularly crucial in addressing capital projects. We consider a firm that can invest in a project in either a single (lumpy investment) or multiple stages (stepwise investment) under price uncertainty and has discretion over not only the time of investment but also the size of the project. We confirm that if the capacity of a project is fixed and the investment premium associated with stepwise investment is positive, then lumpy investment becomes more valuable than a stepwise investment strategy under high price uncertainty. By contrast, if a firm has discretion over capacity, then we show that the stepwise investment strategy always dominates that of lumpy investment. In addition, we show that the total amount of installed capacity under a stepwise investment strategy is always greater than that under lumpy investment.nb_NO
dc.language.isoengnb_NO
dc.publisherSpringer Verlagnb_NO
dc.titleStepwise investment and capacity sizing under uncertaintynb_NO
dc.typeJournal articlenb_NO
dc.typePeer reviewednb_NO
dc.description.versionacceptedVersionnb_NO
dc.source.pagenumber447-472nb_NO
dc.source.volume39nb_NO
dc.source.journalOR Spektrumnb_NO
dc.source.issue2nb_NO
dc.identifier.doi10.1007/s00291-016-0460-0
dc.identifier.cristin1392245
dc.description.localcode© Springer Verlag 2016. The final publication is available at https://link.springer.com/article/10.1007%2Fs00291-016-0460-0. This is the authors' accepted and refereed manuscript to the article.nb_NO
cristin.unitcode194,60,25,0
cristin.unitnameInstitutt for industriell økonomi og teknologiledelse
cristin.ispublishedtrue
cristin.fulltextpostprint
cristin.qualitycode1


Tilhørende fil(er)

Thumbnail

Denne innførselen finnes i følgende samling(er)

Vis enkel innførsel