Woody biomass in terms of short rotation coppice (SRC) could be a promising alternative for producing biomass to generate renewable energy. Even through, from a single farms point of view, SRC seems to be an interesting land use alternative, farmers do not cultivate SRC. Some studies found out...

The dissertation mainly consists of two articles: INVESTMENTS IN KAZAKHSTANI DAIRY FARMING: A COMPARISON OF THE CLASSICAL INVESTMENT THEORY AND THE REAL OPTIONS APPROACH Abstract This study analyzes the explanatory potential of the real options approach (ROA) regarding the reluctance of...

Claiming analogy with financial option pricing the real options approach assumes that the present value of investment cash flows (or: real asset value) can be replicated by a risk-free financial portfolio; that is, this present value is considered to be equivalent to an asset value in a complete...

Low investment rates are a puzzling phenomenon particularly in transition economies with an urgent need for modernisation. The literature offers two alternative explanations: imperfect capital markets and investment reluctance due to real options effects. In this paper, we develop a generalised...

In this study, we experimentally analyze the investment behavior of smallholder farmers in Uganda. We consider a problem of optimal stopping, stylizing an option to invest in a project. We ascertain whether, and to what extent, the real options approach and the classical investment theory can...

Kazakhstan and Germany have different development levels of the agricultural sectors. One of the explanations for this fact might be the different investment behavior of farmers in the two countries. We experimentally analyze whether the investment behavior of farmers is consistent with the...