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Valuing Managerial Flexibility: An Application of Real-Option Theory to Mining Investments

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Cited by:

  1. Margaret Insley & Yichun Huang, 2020. "The economics of water conservation regulations under uncertainty: An application to Alberta's Lower Athabasca River Region," Working Papers 2003, University of Waterloo, Department of Economics, revised Jul 2020.
  2. Fernandez, Linda, 2005. "A diversified portfolio: joint management of non-renewable and renewable resources offshore," Resource and Energy Economics, Elsevier, vol. 27(1), pages 65-82, January.
  3. Mikael Collan & Jyrki Savolainen & Pasi Luukka, 2017. "Investigating the effect of price process selection on the value of a metal mining asset portfolio," Mineral Economics, Springer;Raw Materials Group (RMG);Luleå University of Technology, vol. 30(2), pages 107-115, July.
  4. Abdul Majid1 & Muhammad Yasir, 2013. "The Role Of Strategic Flexibility In Minimizing Response Uncertainty Of Perceived Risks Facing Manufacturing Smes In Pakistan," Romanian Economic Business Review, Romanian-American University, vol. 8(4.1), pages 207-224, december.
  5. Alexander, Carol & Chen, Xi & Ward, Charles, 2021. "Risk-adjusted valuation for real option decisions," Journal of Economic Behavior & Organization, Elsevier, vol. 191(C), pages 1046-1064.
  6. George Charalampopoulos & Dimitris Katsianis & Dimitris Varoutas, 2022. "Economic replicability tests: an “out-of-the-box” implementation," Netnomics, Springer, vol. 22(2), pages 115-138, October.
  7. Laing, Timothy, 2015. "Rights to the forest, REDD+ and elections: Mining in Guyana," Resources Policy, Elsevier, vol. 46(P2), pages 250-261.
  8. Esther W. Mezey & Jon M. Conrad, 2010. "Real Options in Resource Economics," Annual Review of Resource Economics, Annual Reviews, vol. 2(1), pages 33-52, October.
  9. Arantza Murillas Maza, 2003. "Option value and optimal rotation policies for aquaculture exploitations," Working Papers 0304, Universidade de Vigo, Departamento de Economía Aplicada.
  10. Lambie, Neil Ross, 2009. "The role of real options analysis in the design of a greenhouse gas emissions trading scheme," 2009 Conference (53rd), February 11-13, 2009, Cairns, Australia 47626, Australian Agricultural and Resource Economics Society.
  11. Kacker, Kanishka & Lange, Ian, 2022. "Inter-regional coal mine competition in the US: Evidence from rail restrictions," Energy Economics, Elsevier, vol. 110(C).
  12. Ye, Fanglin & Paulson, Nicholas & Khanna, Madhu, 2014. "Technology uncertainty and learning by doing in the cellulosic biofuel investment," 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota 169789, Agricultural and Applied Economics Association.
  13. Di Corato, Luca, 2013. "Profit sharing under the threat of nationalization," Resource and Energy Economics, Elsevier, vol. 35(3), pages 295-315.
  14. Guedes, José & Santos, Pedro, 2016. "Valuing an offshore oil exploration and production project through real options analysis," Energy Economics, Elsevier, vol. 60(C), pages 377-386.
  15. Dimitrakopoulos, Roussos G. & Abdel Sabour, Sabry A., 2007. "Evaluating mine plans under uncertainty: Can the real options make a difference?," Resources Policy, Elsevier, vol. 32(3), pages 116-125, September.
  16. Kuangyuan Zhang & Richard Olawoyin & Antonio Nieto & Andrew N. Kleit, 2018. "Risk of commodity price, production cost and time to build in resource economics," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 20(6), pages 2521-2544, December.
  17. Krzemień, Alicja & Riesgo Fernández, Pedro & Suárez Sánchez, Ana & Diego Álvarez, Isidro, 2016. "Beyond the pan-european standard for reporting of exploration results, mineral resources and reserves," Resources Policy, Elsevier, vol. 49(C), pages 81-91.
  18. Margaret Insley, 2013. "On the timing of non-renewable resource extraction with regime switching prices: an optimal stochastic control approach," Working Papers 1302, University of Waterloo, Department of Economics, revised Aug 2013.
  19. Insley, Margaret, 2017. "Resource extraction with a carbon tax and regime switching prices: Exercising your options," Energy Economics, Elsevier, vol. 67(C), pages 1-16.
  20. Bogdan Rębiasz & Bartłomiej Gaweł & Iwona Skalna, 2017. "Valuing managerial flexibility. An application of real-option theory to steel industry investments," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 27(2), pages 91-111.
  21. Miranda, Oscar & Brandão, Luiz E. & Lazo Lazo, Juan, 2017. "A dynamic model for valuing flexible mining exploration projects under uncertainty," Resources Policy, Elsevier, vol. 52(C), pages 393-404.
  22. Insley, M.C. & Wirjanto, T.S., 2010. "Contrasting two approaches in real options valuation: Contingent claims versus dynamic programming," Journal of Forest Economics, Elsevier, vol. 16(2), pages 157-176, April.
  23. Abdullah Almansour and Margaret Insley, 2016. "The Impact of Stochastic Extraction Cost on the Value of an Exhaustible Resource: An Application to the Alberta Oil Sands," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2).
  24. Muehlenbachs, Lucija, 2012. "Testing for Avoidance of Environmental Obligations," RFF Working Paper Series dp-12-12, Resources for the Future.
  25. Alejandro Mac Cawley & Maximiliano Cubillos & Rodrigo Pascual, 2020. "A real options approach for joint overhaul and replacement strategies with mean reverting prices," Annals of Operations Research, Springer, vol. 286(1), pages 303-324, March.
  26. Caroline Witte & Martijn Burger & Elena Ianchovichina & Enrico Pennings, 2014. "Political Violence and Greenfield Foreign Direct Investment in Natural Resources," Working Papers 2014/23, Maastricht School of Management.
  27. Xiayan Zhang & Jingbo Yin, 2023. "Assessment of investment decisions in bulk shipping through fuzzy real options analysis," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 25(1), pages 122-139, March.
  28. Schachter, J.A. & Mancarella, P., 2016. "A critical review of Real Options thinking for valuing investment flexibility in Smart Grids and low carbon energy systems," Renewable and Sustainable Energy Reviews, Elsevier, vol. 56(C), pages 261-271.
  29. Abhishek Nagaraj, 2022. "T he P rivate I mpact of P ublic D ata: L andsat S atellite M aps I ncreased G old D iscoveries and E ncouraged E ntry," Management Science, INFORMS, vol. 68(1), pages 564-582, January.
  30. Evatt, Geoffrey William & Soltan, Mousa Omid & Johnson, Paul V., 2012. "Mineral reserves under price uncertainty," Resources Policy, Elsevier, vol. 37(3), pages 340-345.
  31. Ferguson, Andrew & Hu, Wei & Lam, Peter, 2022. "Political uncertainty and deal structure: Evidence from Australian mining project acquisitions," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
  32. Sara Aghakazemjourabbaf & Margaret Insley, 2018. "Optimal timing of harzardous waste clean-up under an environmental bond an a strict liability rule," Working Papers 1803, University of Waterloo, Department of Economics, revised 06 Jan 2018.
  33. Robert Kast, 2011. "Managing financial risks due to natural catastrophes," Working Papers hal-00610241, HAL.
  34. Kum-Soon Lim & Deok-Joo Lee & Hyung-Sik Oh, 2008. "Strategic investment planning in regional deployment of telecommunication services: a real options approach," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 42(2), pages 391-411, June.
  35. Hazra, Tanmoy & Samanta, Biswajit & Dey, Kaushik, 2019. "Real option valuation of an Indian iron ore deposit through system dynamics model," Resources Policy, Elsevier, vol. 60(C), pages 288-299.
  36. Savolainen, Jyrki, 2016. "Real options in metal mining project valuation: Review of literature," Resources Policy, Elsevier, vol. 50(C), pages 49-65.
  37. Aghakazemjourabbaf, Sara & Insley, Margaret, 2021. "Leaving your tailings behind: Environmental bonds, bankruptcy and waste cleanup," Resource and Energy Economics, Elsevier, vol. 65(C).
  38. Hahn, Warren J. & Dyer, James S., 2008. "Discrete time modeling of mean-reverting stochastic processes for real option valuation," European Journal of Operational Research, Elsevier, vol. 184(2), pages 534-548, January.
  39. Gorupec Natalia & Tiberius Victor & Brehmer Nataliia & Kraus Sascha, 2022. "Tackling uncertain future scenarios with real options: A review and research framework," The Irish Journal of Management, Sciendo, vol. 41(1), pages 69-88, July.
  40. Santen, Nidhi R. & Anadon, Laura Diaz, 2016. "Balancing solar PV deployment and RD&D: A comprehensive framework for managing innovation uncertainty in electricity technology investment planning," Renewable and Sustainable Energy Reviews, Elsevier, vol. 60(C), pages 560-569.
  41. Carol Alexander & Xi Chen, 2014. "Risk-adjusted Valuation of the Real Option to Invest," ICMA Centre Discussion Papers in Finance icma-dp2014-19, Henley Business School, University of Reading.
  42. Pennings, Enrico, 2008. "Privatization of real options," Journal of Comparative Economics, Elsevier, vol. 36(3), pages 489-497, September.
  43. Reus, Lorenzo & Pagnoncelli, Bernardo & Armstrong, Margaret, 2019. "Better management of production incidents in mining using multistage stochastic optimization," Resources Policy, Elsevier, vol. 63(C), pages 1-1.
  44. Suárez Sánchez, Ana & Krzemień, Alicja & Riesgo Fernández, Pedro & Iglesias Rodríguez, Francisco J. & Sánchez Lasheras, Fernando & de Cos Juez, F. Javier, 2015. "Investment in new tungsten mining projects," Resources Policy, Elsevier, vol. 46(P2), pages 177-190.
  45. Margaret E. Slade & Henry Thille, 2009. "Whither Hotelling: Tests of the Theory of Exhaustible Resources," Annual Review of Resource Economics, Annual Reviews, vol. 1(1), pages 239-259, September.
  46. Simone Kelly, 2017. "The market premium for the option to close: evidence from Australian gold mining firms," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 57(2), pages 511-531, June.
  47. Carol Alexander & Xi Chen, 2021. "Model risk in real option valuation," Annals of Operations Research, Springer, vol. 299(1), pages 1025-1056, April.
  48. Dumortier, Jerome Robert Florian, 2011. "The impact of forest offset credits under a stochastic carbon price on agriculture using a rational expectations and real options framework," ISU General Staff Papers 201101010800001160, Iowa State University, Department of Economics.
  49. Eunchun Park & Hojeong Park, 2014. "Real Options Analysis of Oil and Gas Resource Development for Independent E&P Firms in the North America," Korean Economic Review, Korean Economic Association, vol. 30, pages 349-367.
  50. María Luisa Saavedra García & Máximo Jorge Saavedra García & Deyanira Bernal Domínguez, 2013. "A foreign investment project of an autoparts firm: Real options versus financial valuation," Economía, Instituto de Investigaciones Económicas y Sociales (IIES). Facultad de Ciencias Económicas y Sociales. Universidad de Los Andes. Mérida, Venezuela, vol. 38(35), pages 127-156, January-J.
  51. Inthavongsa, Inthanongsone & Drebenstedt, Carsten & Bongaerts, Jan & Sontamino, Phongpat, 2016. "Real options decision framework: Strategic operating policies for open pit mine planning," Resources Policy, Elsevier, vol. 47(C), pages 142-153.
  52. Xiao, Yi-bin & Fu, Xiaowen & Oum, Tae H. & Yan, Jia, 2017. "Modeling airport capacity choice with real options," Transportation Research Part B: Methodological, Elsevier, vol. 100(C), pages 93-114.
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