연장옵션을 포함한 인삼 재배사업의 실물옵션 분석Real Option Analysis for Ginseng Production with an Extension Option
- Other Titles
- Real Option Analysis for Ginseng Production with an Extension Option
- Authors
- 박호정; 김원용
- Issue Date
- 2014
- Publisher
- 한국농업경제학회
- Keywords
- 인삼재배; 실물옵션; 가격불확실성
- Citation
- 농업경제연구, v.55, no.2, pp.1 - 22
- Indexed
- KCI
- Journal Title
- 농업경제연구
- Volume
- 55
- Number
- 2
- Start Page
- 1
- End Page
- 22
- URI
- https://scholar.korea.ac.kr/handle/2021.sw.korea/99810
- ISSN
- 0549-6047
- Abstract
- The production scheduling of ginseng involves a typical decision process for the age of ginseng. Two important factors are considered in a process to determine what to produce among four year old or five year old ginseng: ginseng price uncertainty and irreversibility of investment in ginseng production. We develop a hybrid real option model to consider ginseng price uncertainty. The first stage of option is an American style of option with a finite project life. An extension option which allows the delay of market release is augmented with the first stage option. Due to the absence of closed solutions for the presented model, numerical analysis is performed to show the optimal ginseng price to ensure profitability under price uncertainty and opportunity cost of irreversible investment.
- Files in This Item
- There are no files associated with this item.
- Appears in
Collections - College of Life Sciences and Biotechnology > Department of Food and Resource Economics > 1. Journal Articles
Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.