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- W4235480193 abstract "Abstract Flexibility in production allows a firm to switch between alternative “states” of operation in order to respond to uncertainty in input and output product markets. Examples include real options to shut down, expand, or contract, or to switch between different inputs, outputs, or global production locations. Financial techniques based on contingent claims pricing, or options valuation, are able to quantity the value of flexibility. These real options valuation techniques allow firms to appropriately weigh the benefits of production flexibility against the significant costs associated with purchasing or developing such flexibility. Real options analysis can also determine the optimal switching policy, i.e. how a firm should optimally use its flexibility. This formal link between production strategy and financial valuation is important to establish. The value of flexibility depends on several factors including the volatilities and the correlations of the underlying uncertainties, as well as the life of the flexible capital, and the ease and frequency of switching between alternative modes. Complexities in valuation include specifying the processes for uncertainly resolution, accounting for the noise in observing the underlying variables, and addressing the presence of agency problems in making decisions about exercising flexibility." @default.
- W4235480193 created "2022-05-12" @default.
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- W4235480193 date "2015-01-21" @default.
- W4235480193 modified "2023-10-16" @default.
- W4235480193 title "Valuing Flexibility" @default.
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- W4235480193 doi "https://doi.org/10.1002/9781118785317.weom040079" @default.
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