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dc.contributor.author
Broz, Diego Ricardo  
dc.contributor.author
Milanesi, Gastón  
dc.contributor.author
Rossit, Daniel Alejandro  
dc.contributor.author
Rossit, Diego Gabriel  
dc.contributor.author
Tohmé, Fernando Abel  
dc.date.available
2019-11-22T14:04:08Z  
dc.date.issued
2018-04-25  
dc.identifier.citation
Broz, Diego Ricardo; Milanesi, Gastón; Rossit, Daniel Alejandro; Rossit, Diego Gabriel; Tohmé, Fernando Abel; 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; 1; 25-4-2018; 97-108  
dc.identifier.issn
1736-8723  
dc.identifier.uri
http://hdl.handle.net/11336/89526  
dc.description.abstract
The 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.  
dc.format
application/pdf  
dc.language.iso
eng  
dc.publisher
De Gruyter Open Ltd  
dc.rights
info:eu-repo/semantics/openAccess  
dc.rights.uri
https://creativecommons.org/licenses/by-nc-nd/2.5/ar/  
dc.subject
BINOMIAL MODEL  
dc.subject
BINOMIAL TREE  
dc.subject
REAL OPTIONS  
dc.subject.classification
Negocios y Administración  
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Economía y Negocios  
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CIENCIAS SOCIALES  
dc.title
Forest management decision making based on a real options approach: An application to a case in northeastern Argentina  
dc.type
info:eu-repo/semantics/article  
dc.type
info:ar-repo/semantics/artículo  
dc.type
info:eu-repo/semantics/publishedVersion  
dc.date.updated
2019-09-27T14:58:01Z  
dc.journal.volume
67  
dc.journal.number
1  
dc.journal.pagination
97-108  
dc.journal.pais
Estonia  
dc.journal.ciudad
Tallin  
dc.description.fil
Fil: Broz, Diego Ricardo. Universidad Nacional de Misiones. Facultad de Ciencias Forestales; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina  
dc.description.fil
Fil: Milanesi, Gastón. Universidad Nacional del Sur. Departamento de Ciencias de la Administración; Argentina  
dc.description.fil
Fil: Rossit, Daniel Alejandro. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Matemática Bahía Blanca. Universidad Nacional del Sur. Departamento de Matemática. Instituto de Matemática Bahía Blanca; Argentina  
dc.description.fil
Fil: Rossit, Diego Gabriel. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Investigaciones Económicas y Sociales del Sur. Universidad Nacional del Sur. Departamento de Economía. Instituto de Investigaciones Económicas y Sociales del Sur; Argentina  
dc.description.fil
Fil: Tohmé, Fernando Abel. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Matemática Bahía Blanca. Universidad Nacional del Sur. Departamento de Matemática. Instituto de Matemática Bahía Blanca; Argentina. Universidad Nacional del Sur. Departamento de Economía; Argentina  
dc.journal.title
Forestry Studies  
dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/url/https://content.sciendo.com/configurable/contentpage/journals$002ffsmu$002f67$002f1$002farticle-p97.xml  
dc.relation.alternativeid
info:eu-repo/semantics/altIdentifier/doi/http://dx.doi.org/10.1515/fsmu-2017-0015