TOLL ROAD INVESTMENT UNDER UNCERTAINTY
||Doan, Phuong ; Patel , Kanak
||TOLL ROAD INVESTMENT UNDER UNCERTAINTY
||17th Annual European Real Estate Society Conference in Milan, Italy
||We model a portfolio of real options with cost contingency and government subsidy at the operation stage. We demonstrate that the investment value is highly sensitive to cost and revenue uncertainties. Our numerical analysis suggests that the investment value of risky project is higher when net income guarantee is used instead of minimum revenue guarantee.
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||Real Estate Investment (3)
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