... of ethanol that will be necessary for landowners to grow hybrid poplar. In such an emerging industry, landowners will face a great deal of uncertainty and will consider options to change their production decisions over time. To address this uncertainty, we construct a real options model that considers...

... University of Agricultural Sciences, Umeå, Sweden. Published by Elsevier GmbH Licensed re-use rights only Real options Intergenerational imperfect altruism Hyperbolic discounting Timing game D81 C70 Q23 Q58 In the last few decades land use has become increasingly important...

...M.C. Insley; T.S. Wirjanto This paper compares two well-known approaches for valuing a risky investment using real options theory: contingent claims (CC) with risk neutral valuation and dynamic programming (DP) using a constant risk adjusted discount rate. Both approaches have been used in valuing...

... Bo Jellesmark Thorsen 1999 Bo Jellesmark Thorsen Licensed re-use rights only Optimal harvesting optimal stopping real options stochastic non-timber income This paper studies the case of an individual having two sources of taxable income and facing a progressive income tax scheme...