Resumo

MILANESI, Gastón; RICARDO-BROZ, Diego  e  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.

Palavras-chave : Cash flow; optimal timing; real options; binomial lattice.

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