The traditional NPV (Net Present Value) method doesn't value opportunely the e-commerce investment projects which are characte\-rized by initial limited cash flows and a high uncertainty. The real options theory instead individuates the strategical opportunities as basic part of the project value. An e-commerce opportunity is more like exchange than simple call option, because there is uncertainty both in the gross project value (underlying asset) and in the investment costs (exercise price). Then we propose to value an american sequential exchange option that takes into account flexibility and sequence properties of e-commerce project investments.
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Paper provided by Dipartimento di Scienze Economiche, Matematiche e Statistiche, Universita' di Foggia in its series Quaderni DSEMS with number
06-2004.
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