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Hybrid or Electric Vehicles? A Real Options Perspective

  • Michi NISHIHARA

    ()

    (Graduate School of Economics, Osaka University)

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    This paper investigates the decision of an automaker concerning the alternative promotion of a hybrid vehicle (HV) and a full electric vehicle (EV). We evaluate the HV project by considering the option to change promotion from the HV to the EV in the future. The results not only extend previous findings concerning American options on multiple assets, but also include several new implications. One notable observation is that the increased market demand for EVs can accelerate the promotion of the HV because of the embedded option.

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    File URL: http://www2.econ.osaka-u.ac.jp/library/global/dp/0931.pdf
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    Paper provided by Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP) in its series Discussion Papers in Economics and Business with number 09-31.

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    Length: 16 pages
    Date of creation: Sep 2009
    Date of revision:
    Handle: RePEc:osk:wpaper:0931
    Contact details of provider: Web page: http://www.econ.osaka-u.ac.jp/
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