Infrastructure Investment as a Real Options Game: The Case of European Airport Expansion

Topics:
Investment Strategy
Tags:
Erasmus University Rotterdam,
Game,
Infrastructure Investment,
Investment,
Theory
Source:
Erasmus University Rotterdam

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Overview: This article analyzes the optional and strategic features of infrastructure investment. Infrastructure investments generate other investment opportunities, and in so doing change the strategic position of the enterprise. A combination of real options theory and game theory can capture the elusive value of a strategic modification of a firm's position in its industry. The model focuses in particular on an analysis of European airport expansion. Airports with infrastructures that are less constrained by growth regulations capture more value, because they are in a better position to exercise growth options available in the airport industry.

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Format: PDF | Size: 822KB | Date: Nov 2003 | Pages: 31

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