Servicios Personalizados
Revista
Articulo
Indicadores
- Citado por SciELO
- Accesos
Links relacionados
- Similares en SciELO
Compartir
Madera y bosques
versión On-line ISSN 2448-7597versión impresa ISSN 1405-0471
Resumen
MILANESI, Gastón; RICARDO-BROZ, Diego y WOITSCHACH, Guillermo Bruno. Real options for determining optimum time systems sylvopastoral: investment analysis. Madera bosques [online]. 2013, vol.19, n.3, pp.81-98. ISSN 2448-7597.
In this work we assess, from an economic and financial perspective, the optimal time of timber harvest in joint forestry-pasture systems. For this we apply a Real Options (RO) approach as a tool of strategic decision making. It assumes a stochastic process of price projections and is compared with the present value (NPV) computed on the basis of a fixed rate all along the project. The results obtained by means of the RO approach recommend cutting at 18 years with a ROV (Real Options Valuation) of $AR 1 088 339 (ARG) against the alternative NPV assessment that recommends cutting at 11 years and yields $AR 511 914.
Palabras llave : Cash flow; optimal timing; real options; binomial lattice.