Utilize este identificador para referenciar este registo:
http://hdl.handle.net/10071/9568
Autoria: | Costa, A. Paixão, J. P. |
Data: | 2014 |
Título próprio: | A dynamic programming approach for evaluating a portfolio of R&D projects with a budget |
Volume: | 1 |
Número: | 2 |
Paginação: | 126-140 |
ISSN: | 2373-8472 |
Palavras-chave: | Stochastic dynamic programming Project evaluation R&D project Real options |
Resumo: | The Real Options approach has proved to be a suitable methodology for capturing the flexibility in the investment decision process. This is very useful for the financial evaluation of R&D projects where there are several possible decisions concerning to the investment – delaying, improving or abandoning. Since the risk of an R&D project is usually due to singular characteristics of the project and is uncorrelated with the financial markets, the contingent claims analysis may be not adequate to value R&D projects. Based on a dynamic programming evaluation model, presented in Huchzermeier and Loch [1], we propose an approach to valuing a portfolio of R&D projects with a budget. Specifically, considering a budget constraint, we make an extension of the model mentioned above for assessing the projects in the portfolio simultaneously. To test the proposed evaluation procedure, we generated several R&D portfolios with different dimensions and characteristics. According to our computational experience, the main conclusions are presented. |
Arbitragem científica: | Sim |
Acesso: | Acesso Aberto |
Aparece nas coleções: | DMQGE-RI - Artigos em revistas internacionais com arbitragem científica |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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publisher_version_V1N2_012.pdf | 708,61 kB | Adobe PDF | Ver/Abrir |
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