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dc.creatorBroz, Diego Ricardo
dc.creatorMilanesi, Gastón
dc.creatorRossit, Daniel Alejandro
dc.creatorRossit, Diego Gabriel
dc.creatorTohmé, Fernando Abel
dc.date.accessioned2023-08-23T01:48:38Z
dc.date.available2023-08-23T01:48:38Z
dc.date.issued2018-04-25
dc.identifier.citationBroz, D. R., Milanesi, G., Rossit, D. A., Rossit, D.G., Tohmé, F. A. (2018). Forest management decision making based on a real options approach: An application to a case in northeastern Argentina. De Gruyter Open Ltd; Forestry Studies; 67; 97-108es_AR
dc.identifier.otherCCPI-FCF-A-080
dc.identifier.other10465
dc.identifier.urihttps://hdl.handle.net/20.500.12219/4987
dc.descriptionFil: Broz, Diego Ricardo. Universidad Nacional de Misiones. Facultad de Ciencias Forestales; Argentina.es_AR
dc.descriptionFil: Broz, Diego Ricardo. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina.es_AR
dc.descriptionFil: Milanesi, Gastón. Universidad Nacional del Sur. Departamento de Ciencias de la Administración; Argentina.es_AR
dc.descriptionFil: Rossit, Daniel Alejandro. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico. Instituto de Matemática (Bahía Blanca); Argentina.es_AR
dc.descriptionFil: Rossit, Daniel Alejandro. Universidad Nacional del Sur. Departamento de Matemática. Instituto de Matemática (Bahía Blanca); Argentina.es_AR
dc.descriptionFil: Rossit, Diego Gabriel. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico (Bahía Blanca). Instituto de Investigaciones Económicas y Sociales del Sur; Argentina.es_AR
dc.descriptionFil: Rossit, Diego Gabriel. Universidad Nacional del Sur. Departamento de Economía. Instituto de Investigaciones Económicas y Sociales del Sur; Argentina.es_AR
dc.descriptionFil: Tohmé, Fernando Abel. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico. Instituto de Matemática (Bahía Blanca); Argentina.es_AR
dc.descriptionFil: Tohmé, Fernando Abel. Universidad Nacional del Sur. Departamento de Matemática. Instituto de Matemática (Bahía Blanca); Argentina.es_AR
dc.descriptionFil: Tohmé, Fernando Abel. Universidad Nacional del Sur. Departamento de Economía; Argentina.es_AR
dc.description.abstractThe Net Present Value (NPV) approach is widely applied to assess forest investments, but this method has serious shortcomings, which we propose to overcome by switching to the assessment through the Real Options Approach (ROA). The model in this paper starts with the simulation of the forest´s growth, combined with the projection of the products´ prices and valuing the assets using a binomial model. We include an option of postponement, determining the optimal period of felling. We find that ROA is more robust than the NPV approach because it relaxes the assumption of constancy of both the prices and the discount rate, allowing the determination of the optimal time of felling based on the growth rate of either the forest or the prices of its products. Contrary to the traditional NPV approach, the results obtained with ROA exhibit longer harvest turns and consequently higher profits. The key variable in the ROA, the Real Option Value (ROV) can be shown to be less (albeit moderately) sensitive to decreases of the discount rate than NPV. Moreover, ROV is moderately sensitive to decreases in the price of logs and is negligibly affected by rises in the costs of harvesting, loading and transporting rolls.es_AR
dc.formatapplication/pdf
dc.format.extent452.1 KB
dc.language.isoenges_AR
dc.publisherDe Gruyter Open Ltd.es_AR
dc.relationinfo:eu-repo/semantics/altIdentifier/urn/https://mi.emu.ee/et/teadusinfo/metsanduslikud-uurimused/contents/2017/vol-67/
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectReal optionses_AR
dc.subjectBinomial modeles_AR
dc.subjectBinomial treees_AR
dc.titleForest management decision making based on a real options approach: An application to a case in northeastern Argentinaes_AR
dc.typeinfo:eu-repo/semantics/article
dc.typeinfo:ar-repo/semantics/artículo
dc.typeinfo:eu-repo/semantics/publishedVersion


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