软件升级的实物期权分析

    The Application of ROA in the Evaluation of Software Updating Options

    • 摘要: 本文对NPV法和实物期权方法进行了简单比较,指出NPV方法在评价具有不确定性、不可逆性和时机选择特点的项目时的不足之处,建议使用实物期权方法评价这类项目。论文给出了计算实物期权价值的几种模型,并利用动态规划思想计算了软件升级的机会价值。

       

      Abstract: This paper provides a basic comparison between the NPV method and ROA method. As a result, deficiencies with NPV method in the evaluation of uncertain and irreversible and time choice featured projects are exposed, and a replacement of NPV with ROA is suggested. This article also provides several models of calculating real options. and the value of software updating option is calculated through Dynamic Programming.

       

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