1
حسابداری و مالی::
مشروط به حالت
we use a real options approach to the problem, only a single value for the American call (the right to defer) and state-contingent rules for when to defer or invest.
Real options analysis handles these future decisions on a state-contingent basis as part of a decision tree.
They both make state-contingent future decisions, but there remains an important difference.
The discount rate, given in the circles at each vertex in the binomial tree,is constant at 16.67%.If we treat the problem as a decision tree,there is a question about what discount rate to use for the state-contingent payouts from the deferral option that are given.
If we were to use the risk-free rate, the objective probabilities, and the payouts given the correct state-contingent decision, as given in Fig. 9.2(b), the decision-tree value would be $67, and if discounted at the weighted average cost of capital, it would be $55.
واژگان شبکه مترجمین ایران