Strategic analysis of forest investments using real option the fuzzy pay-off model (FPOM)
- Autores
- Milanesi, Gastón; Broz, Diego Ricardo; Tohmé, Fernando Abel; Rossit, Daniel Alejandro
- Año de publicación
- 2014
- Idioma
- inglés
- Tipo de recurso
- artículo
- Estado
- versión publicada
- Descripción
- This paper introduces a fuzzy forestry investment decision-making tool based. It will be applied to choose optimal levels of investment when three possible scenarios are conceived, a base case and two extreme alternatives: optimistic and pessimistic. Decision-makers can be seen as being either owners of a forest or investors. For each of these roles the possibility degrees of the scenarios may be represented by means of fuzzy numbers, representing ambiguous net present values (NPV). Real option values (ROV) are then computed based on them. The application to a potential forestry project in Argentina shows that, while in the case of an owner of forestry project the expected benefits are both positive under NPV and ROV, an investor would discard the project if she assumes equal weights for the scenarios in a traditional analysis but would accept it under the fuzzy approach.
Fil: Milanesi, Gastón. Universidad Nacional del Sur. Departamento de Ciencias de la Administración; Argentina
Fil: Broz, Diego Ricardo. Universidad Nacional del Sur. Departamento de Ciencias de la Administración; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina
Fil: Tohmé, Fernando Abel. Universidad Nacional del Sur. Departamento de Economía; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina
Fil: Rossit, Daniel Alejandro. Universidad Nacional del Sur. Departamento de Ingeniería; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina - Materia
-
Fuzzy Number
Npv (Net Present Value)
Rov (Real Option Value) - Nivel de accesibilidad
- acceso abierto
- Condiciones de uso
- https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
- Repositorio
- Institución
- Consejo Nacional de Investigaciones Científicas y Técnicas
- OAI Identificador
- oai:ri.conicet.gov.ar:11336/29862
Ver los metadatos del registro completo
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Strategic analysis of forest investments using real option the fuzzy pay-off model (FPOM)Milanesi, GastónBroz, Diego RicardoTohmé, Fernando AbelRossit, Daniel AlejandroFuzzy NumberNpv (Net Present Value)Rov (Real Option Value)https://purl.org/becyt/ford/5.2https://purl.org/becyt/ford/5This paper introduces a fuzzy forestry investment decision-making tool based. It will be applied to choose optimal levels of investment when three possible scenarios are conceived, a base case and two extreme alternatives: optimistic and pessimistic. Decision-makers can be seen as being either owners of a forest or investors. For each of these roles the possibility degrees of the scenarios may be represented by means of fuzzy numbers, representing ambiguous net present values (NPV). Real option values (ROV) are then computed based on them. The application to a potential forestry project in Argentina shows that, while in the case of an owner of forestry project the expected benefits are both positive under NPV and ROV, an investor would discard the project if she assumes equal weights for the scenarios in a traditional analysis but would accept it under the fuzzy approach.Fil: Milanesi, Gastón. Universidad Nacional del Sur. Departamento de Ciencias de la Administración; ArgentinaFil: Broz, Diego Ricardo. Universidad Nacional del Sur. Departamento de Ciencias de la Administración; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Tohmé, Fernando Abel. Universidad Nacional del Sur. Departamento de Economía; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFil: Rossit, Daniel Alejandro. Universidad Nacional del Sur. Departamento de Ingeniería; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; ArgentinaFundació per a l'Estudi de la Gestió en la Incertesa2014-05info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_6501info:ar-repo/semantics/articuloapplication/pdfapplication/pdfapplication/pdfhttp://hdl.handle.net/11336/29862Milanesi, Gastón; Broz, Diego Ricardo; Tohmé, Fernando Abel; Rossit, Daniel Alejandro; Strategic analysis of forest investments using real option the fuzzy pay-off model (FPOM); Fundació per a l'Estudi de la Gestió en la Incertesa; Fuzzy Economic Review; 19; 1; 5-2014; 33-441136-05932445-4192CONICET DigitalCONICETenginfo:eu-repo/semantics/altIdentifier/url/http://www.sigef.net/2014-09-26-07-16-23/summaries-and-abstracts/item/543-strategic-analysis-of-forest-investments-using-real-option-the-fuzzy-pay-off-model-fpominfo:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by-nc-sa/2.5/ar/reponame:CONICET Digital (CONICET)instname:Consejo Nacional de Investigaciones Científicas y Técnicas2025-09-29T09:47:53Zoai:ri.conicet.gov.ar:11336/29862instacron:CONICETInstitucionalhttp://ri.conicet.gov.ar/Organismo científico-tecnológicoNo correspondehttp://ri.conicet.gov.ar/oai/requestdasensio@conicet.gov.ar; lcarlino@conicet.gov.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:34982025-09-29 09:47:53.755CONICET Digital (CONICET) - Consejo Nacional de Investigaciones Científicas y Técnicasfalse |
dc.title.none.fl_str_mv |
Strategic analysis of forest investments using real option the fuzzy pay-off model (FPOM) |
title |
Strategic analysis of forest investments using real option the fuzzy pay-off model (FPOM) |
spellingShingle |
Strategic analysis of forest investments using real option the fuzzy pay-off model (FPOM) Milanesi, Gastón Fuzzy Number Npv (Net Present Value) Rov (Real Option Value) |
title_short |
Strategic analysis of forest investments using real option the fuzzy pay-off model (FPOM) |
title_full |
Strategic analysis of forest investments using real option the fuzzy pay-off model (FPOM) |
title_fullStr |
Strategic analysis of forest investments using real option the fuzzy pay-off model (FPOM) |
title_full_unstemmed |
Strategic analysis of forest investments using real option the fuzzy pay-off model (FPOM) |
title_sort |
Strategic analysis of forest investments using real option the fuzzy pay-off model (FPOM) |
dc.creator.none.fl_str_mv |
Milanesi, Gastón Broz, Diego Ricardo Tohmé, Fernando Abel Rossit, Daniel Alejandro |
author |
Milanesi, Gastón |
author_facet |
Milanesi, Gastón Broz, Diego Ricardo Tohmé, Fernando Abel Rossit, Daniel Alejandro |
author_role |
author |
author2 |
Broz, Diego Ricardo Tohmé, Fernando Abel Rossit, Daniel Alejandro |
author2_role |
author author author |
dc.subject.none.fl_str_mv |
Fuzzy Number Npv (Net Present Value) Rov (Real Option Value) |
topic |
Fuzzy Number Npv (Net Present Value) Rov (Real Option Value) |
purl_subject.fl_str_mv |
https://purl.org/becyt/ford/5.2 https://purl.org/becyt/ford/5 |
dc.description.none.fl_txt_mv |
This paper introduces a fuzzy forestry investment decision-making tool based. It will be applied to choose optimal levels of investment when three possible scenarios are conceived, a base case and two extreme alternatives: optimistic and pessimistic. Decision-makers can be seen as being either owners of a forest or investors. For each of these roles the possibility degrees of the scenarios may be represented by means of fuzzy numbers, representing ambiguous net present values (NPV). Real option values (ROV) are then computed based on them. The application to a potential forestry project in Argentina shows that, while in the case of an owner of forestry project the expected benefits are both positive under NPV and ROV, an investor would discard the project if she assumes equal weights for the scenarios in a traditional analysis but would accept it under the fuzzy approach. Fil: Milanesi, Gastón. Universidad Nacional del Sur. Departamento de Ciencias de la Administración; Argentina Fil: Broz, Diego Ricardo. Universidad Nacional del Sur. Departamento de Ciencias de la Administración; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina Fil: Tohmé, Fernando Abel. Universidad Nacional del Sur. Departamento de Economía; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina Fil: Rossit, Daniel Alejandro. Universidad Nacional del Sur. Departamento de Ingeniería; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina |
description |
This paper introduces a fuzzy forestry investment decision-making tool based. It will be applied to choose optimal levels of investment when three possible scenarios are conceived, a base case and two extreme alternatives: optimistic and pessimistic. Decision-makers can be seen as being either owners of a forest or investors. For each of these roles the possibility degrees of the scenarios may be represented by means of fuzzy numbers, representing ambiguous net present values (NPV). Real option values (ROV) are then computed based on them. The application to a potential forestry project in Argentina shows that, while in the case of an owner of forestry project the expected benefits are both positive under NPV and ROV, an investor would discard the project if she assumes equal weights for the scenarios in a traditional analysis but would accept it under the fuzzy approach. |
publishDate |
2014 |
dc.date.none.fl_str_mv |
2014-05 |
dc.type.none.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion http://purl.org/coar/resource_type/c_6501 info:ar-repo/semantics/articulo |
format |
article |
status_str |
publishedVersion |
dc.identifier.none.fl_str_mv |
http://hdl.handle.net/11336/29862 Milanesi, Gastón; Broz, Diego Ricardo; Tohmé, Fernando Abel; Rossit, Daniel Alejandro; Strategic analysis of forest investments using real option the fuzzy pay-off model (FPOM); Fundació per a l'Estudi de la Gestió en la Incertesa; Fuzzy Economic Review; 19; 1; 5-2014; 33-44 1136-0593 2445-4192 CONICET Digital CONICET |
url |
http://hdl.handle.net/11336/29862 |
identifier_str_mv |
Milanesi, Gastón; Broz, Diego Ricardo; Tohmé, Fernando Abel; Rossit, Daniel Alejandro; Strategic analysis of forest investments using real option the fuzzy pay-off model (FPOM); Fundació per a l'Estudi de la Gestió en la Incertesa; Fuzzy Economic Review; 19; 1; 5-2014; 33-44 1136-0593 2445-4192 CONICET Digital CONICET |
dc.language.none.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
info:eu-repo/semantics/altIdentifier/url/http://www.sigef.net/2014-09-26-07-16-23/summaries-and-abstracts/item/543-strategic-analysis-of-forest-investments-using-real-option-the-fuzzy-pay-off-model-fpom |
dc.rights.none.fl_str_mv |
info:eu-repo/semantics/openAccess https://creativecommons.org/licenses/by-nc-sa/2.5/ar/ |
eu_rights_str_mv |
openAccess |
rights_invalid_str_mv |
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/ |
dc.format.none.fl_str_mv |
application/pdf application/pdf application/pdf |
dc.publisher.none.fl_str_mv |
Fundació per a l'Estudi de la Gestió en la Incertesa |
publisher.none.fl_str_mv |
Fundació per a l'Estudi de la Gestió en la Incertesa |
dc.source.none.fl_str_mv |
reponame:CONICET Digital (CONICET) instname:Consejo Nacional de Investigaciones Científicas y Técnicas |
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CONICET Digital (CONICET) |
collection |
CONICET Digital (CONICET) |
instname_str |
Consejo Nacional de Investigaciones Científicas y Técnicas |
repository.name.fl_str_mv |
CONICET Digital (CONICET) - Consejo Nacional de Investigaciones Científicas y Técnicas |
repository.mail.fl_str_mv |
dasensio@conicet.gov.ar; lcarlino@conicet.gov.ar |
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1844613490749210624 |
score |
13.070432 |