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R. V. Oakford 《工程经济学家》2013,58(2):172-173
This paper applies option pricing analysis to the problem of valuing the abandonment option of an investment proposal. The assumption is made that the abandonment option is exercisable at only one point in time in the future and that the project's vatue-in-use and its abandonment value are lognormally distributed. The model is employed to measure how the uniqueness of the project asset, as measured by the correlation between these two lognormal random variables, affects the value of the abandonment option. It is shown that the more unique the asset, or the higher the correlation, the lower is the value of the abandonment option. The model is also employed to examine the impact of increased uncertainty in these two random variables on the value of the abandonment option. The relationships are shown to be nonmonotonic. However, beyond critical thresholds, increased uncertainty in either one of the two variables enhances the value of the abandonment option. 相似文献
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汽车制造企业车身焊接车间的F.A.T.真空发生器,因设备老化等原因,操作盒的开关按钮开始失灵。将真空发生器上的气动换向阀改为电磁换向阀,在PLC中修改SWAC面板的程序,实现SWAC面板对真空发生器的控制。 相似文献
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R. R. Hocking 《工程经济学家》2013,58(4):263-264
A survey of firms in the chemical, computer, and pharmaceutical Industries provides insight into Investment decision making practices under environmental/ social uncertainty. The practices are fairly simple, appropriate only when a new product is very similar to existing products. The practices ' perceived advantages and disadvantages establish a general blueprint for the development of new decision making techniques. The new techniques need to improve accuracy as much as possible without losing simplicity, and need to be generally acceptable to all the firms in the industry 相似文献
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Ralph O. Swalm 《工程经济学家》2013,58(2):123-125
In this paper we extend Thompson's [17] work using time series models within the discounted cash flow framework to estimate the cost of equity capita] for a firm. In particular we do the following: First, we prove the existence and uniqueness of a solution for the cost of equity capital. Secondly, we verify that the cost of equity function is continuously differentiable and derive the formula for its reliability. Formulas for both the cost and its reliability are in terms of infinite sums or infinite dimension matrices. Thirdly, we derive estimators of the cost of equity capital and its reliability which are in terms of finite sums and easy to calculate. We show that these estimated converge to the cost of equity capital and its reliability. Finally, our procedure for estimation applies to a wide variety of time series models that may be used to forecast dividends. 相似文献
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Gerald W. Smith 《工程经济学家》2013,58(4):247-250
A risk measure, expected opportunity loss (EOL), is introduced to quantify the potential loss of making an incorrect choice in risk-based decision making. Different from Savage's (1951) minimax regret principle, EOL can account for the unbounded continuous random outcomes of alternatives and decision makers’ acceptable risk. This article studies the effects of the forms of loss function, correlation among outcomes, and the acceptable risk on the ranking results by considering the loss function in the power form. The results show that the loss functions and the outcomes correlations can significantly influence the rankings of alternatives in risk-based decision making. 相似文献
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Paul P. McCain 《工程经济学家》2013,58(4):362-363
Our survey of the investor-owned electric utility companies and utility commissions indicates that the use of asset pricing models for estimating the cost of equity is limited in this industry. The respondents cite unfamiliarity with the arbitrage-pricing model as a main reason for not using it. Use of the capital asset pricing model is also less than one would expect. However, deregulation of the industry could create a need for more-precise quantification of risk. In the new environment, utility companies may find asset-pricing models more useful. 相似文献
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Harold O. Davidson 《工程经济学家》2013,58(3):22-36
In my previous article on “Project Justification in a Multi-product Chemical Plant”, which appeared in the Fall 1959 issue of The Engineering Economist, I discussed the underlying causes for equipment acquisition and replacement in the chemical industry, and followed with a presentation of the payout-time technique for evaluating capital expenditure, as designed by a leading dye and pharmaceutical plant. Many other well-known techniques, such as the Annual Cost method, the Discounted Cash Flow, and the MAPI approach, are also available to management. However, none of the techniques mentioned relieves management of the basic responsibility for making the ultimate decisions regarding capital acquisition for expansion or replacement. The methods do present management with an analysis pointing up the relative merits of a given type of investment, and give some indication as to which alternative is the more desirable. Management, nevertheless, must assume responsibility for the final decision. 相似文献
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《中国纺织(英文版)》2006,(3)
On July 27th, 2006, the announce- ment was finally issued. It stated that a re-bidding for remnant quotas for textiles exported to the EU and US in 2006 would be held, and only the enterprises that had won the bid as well as paid the caution money would be invited. Besides, the announcement made some modifications on the quota distribution procedures, in- cluding adopting the means of bidding to negotiated bidding from public invitations, in order to improve the cur- rent rough situation, an… 相似文献
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《Journal of Product Innovation Management》1998,15(2):187-188