The geometric Brownian motion is routinely used as a dynamic model of underlying project value in real option analysis, perhaps for reasons of analytic tractability. By characterizing a stochastic state variable of future cash flows, this paper considers how transformations between a state...

The geometric Brownian motion is routinely used as a dynamic model of underlying project value in real option analysis, perhaps for reasons of analytic tractability. By characterizing a stochastic state variable of future cash flows, this paper considers how transformations between a state...

Subirrigation in conjunction with an artificial wetland has been shown to benefit the environment. It must also be demonstrated that this technology can be profitable for the private sector. Using cost structures developed from three Northwest Ohio test sites, this paper examines the economic...