Search Results - subject:"Management flexibility"

Sole Ownership and Common Property Under Management Flexibility: Valuation, Optimal Exploitation and Regulation

Murillas Maza, Arantza - Departamento de Economía Aplicada III (Econometría y … - 2001

restart the fishery. The sole owner model shows that the marginal productivity would be lower under management flexibility … manner. This paper presents both a sole owner and an Individual Transferable Quota (ITQ) system model under management …'s flexibility (due to the high uncertainty attaching to the price of the fishing resource). In particular, the value of the fishery …

Persistent link: https://www.econbiz.de/10005518739

Uncertainty and Real Options. Investment and Development of Fishing Resources (II)

Murillas Maza, Arantza - Departamento de Economía Aplicada III (Econometría y … - 2000

[EN] The irreversibility of the investment expenditures in a fishery and the high degree of uncertainty attaching to the price of the fishing resources make the evaluation of investment opportunity in a fishery particularly difficult. The net-present-value proposes the following rule: "Invest in...

Persistent link: https://www.econbiz.de/10005518740

Uncertainty and Real Options. Investment and Development of Fishing Resources (I)

Murillas Maza, Arantza - Departamento de Economía Aplicada III (Econometría y … - 2000

[EN] The valuation of development opportunity of a fishery is made particularly difficult by the high degree of uncertainty attaching to the price of the fishing resource. The net-present-value and other discounted cash-flows cannot properly capture the management s flexibility, thus they may...

Persistent link: https://www.econbiz.de/10005518746