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Opening Local Retail Food Stores: A Real-Options Approach |
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| Authors: | Sven-Olov Daunfeldt Matilda Orth Niklas Rudholm |
| Affiliation: | 1. The Ratio Institute (RATIO), P.O. Box 3203, 103 64, Stockholm, Sweden 2. Department of Economics, Dalarna University, 781 88, Borl?nge, Sweden 3. Department of Economics, University of Gothenburg, Box 640, SE, 405 30, G?teborg, Sweden 4. The Swedish Retail Institute (HUI), 103 29, Stockholm, Sweden |
| Abstract: | A real-options approach was used, incorporating uncertainty and irreversibility of investments, to study the number of stores entering the Swedish retail food market during the period 1994–2002. It was found that uncertainty affected the entry-decision. Entry was less frequent in highly concentrated local retail food-markets characterized by a high degree of uncertainty, whereas higher profit opportunities seem to have increased the probability of entry. |
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