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 normative benchmarks of the net present value criterion or the real options …

CLASSICAL INVESTMENT THEORY AND THE REAL OPTIONS APPROACH Abstract This study analyzes the explanatory potential of the real … compares the valuation of the ROA with that of the classical investment criterion such as the net present value (NPV). A … further objective is to analyze the sensitivity of investment triggers with respect to assumed stochastic processe... …

investment timings. Players choose when to invest in a nonrival project with uncertain returns. The earliest investor bears the … costs of investment and all players learn whether the project is of good or bad quality. Informational externalities create … free-riding incentives resulting in strategic delays in investment timings. Our theoretical analysis suggests that …