Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/21982
Authors: 
Mensink, Paul
Year of Publication: 
2004
Series/Report no.: 
Economics working paper / Christian-Albrechts-Universität Kiel, Department of Economics 2004,06
Abstract: 
In their article ?An Arbitrage-Free Approach to Quasi-Option Value? [J. Environm. Econom. Management 35, 103-125, 1998], Coggins and Ramezani interpreted the concept of quasi-option value introduced by Arrow and Fisher [Quart. J. Econom. 88, 1974, 312-319] as being identical to Dixit and Pindyck?s real option value. This means their approach differs from the approach by Fisher and Hanemann [J. Environm. Econom. Management 14, 183-190, 1987] who formalized the concept of quasi-option value a decade before. By indirectly characterizing Dixit and Pindyck?s real option value Coggins and Ramezani confirmed classic results in the field of real options theory.
Document Type: 
Working Paper

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