Morck, Randall; Schwartz, Eduardo; Stangeland, David - In: Journal of Financial and Quantitative Analysis 24 (1989) 04, pp. 473-487
A contingent claims approach to capital budgeting may be preferable to traditional methods where uncertainty and managers' strategic reactions to changing conditions are important. As an example of such a case, we solve the classical problem of the duration of an investment in forestry resources...
