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- Publisher
- Annual Reviews
- Copyright
- Copyright © 2010 by Annual Reviews. All rights reserved
- ISSN
- 1941-1340
- eISSN
- 1941-1359
- DOI
- 10.1146/annurev-resource-040709-135122
- Publisher site
- See Article on Publisher Site
Abstract
In the real options approach to capital budgeting, plans that allow for flexibility in the design or timing of an investment or economic action are valuable. Real options naturally arise in decisions to develop, extract, or harvest natural resources. We ( a ) review the existing literature in the economics of forestry, fishery, water, and nonrenewable resources; ( b ) illustrate the real options approach in resource economics through a series of simple models; and ( c ) suggest open questions and new areas of application when taking a real options approach to the development and management of natural resources.
Journal
Annual Review of Resource Economics – Annual Reviews
Published: Oct 10, 2010