연장옵션을 포함한 인삼 재배사업의 실물옵션 분석

• 영문명: Real Option Analysis for Ginseng Production with an Extension Option
• 발행기관: 한국농업경제학회
• 저자명: 박호정(Hojeong Park) 김원용(Wonyong Kim)
• 간행물 정보: 『농업경제연구』55권 2호, 1~22쪽, 전체 22쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2014.06.30

영문 초록

The production scheduling o f ginseng involves a typical decision process for the age of ginseng. Two important factors are considered in a process to determine what to produce among four year old or five year old ginseng : ginseng price uncertainty and irreversibility of investment in ginseng production. We develop a hybrid real option model to consider ginseng price uncertainty. The first stage of option is an American style of option with a finite project life. An extension option which allows the delay of market rel ease is augmented with the first stage option. Due to the absence of closed solutions for the presented model, numerical analysis is performed to show the optimal ginseng price to ensure profitability under price uncertainty and opportunity cost of irreversible investment.

목차

Ⅰ. 서 론

Ⅱ. 인삼재배 투자결정의 실물옵션 모형

Ⅲ. 인삼가격의 불확실성 증대 및 인삼재배 투자옵션 분석

IV. 결 론

키워드

인삼재배 실물옵션 가격불확실성