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150325s2004 xx |||||o 00| ||eng c |
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|a (DE-627)JST084237813
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|a (JST)20142117
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|a DE-627
|b ger
|c DE-627
|e rakwb
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|a eng
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|a Miller, Kent D.
|e verfasserin
|4 aut
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|a An Empirical Test of Heuristics and Biases Affecting Real Option Valuation
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|c 2004
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|a Text
|b txt
|2 rdacontent
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|a Computermedien
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|a Online-Ressource
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|a This study applies insights from behavioral decision theory to explain how managers value call and put options. Behavioral decision theory points to important deviations from the assumptions of normative option pricing models in finance. We used a questionnaire to collect option pricing data to test our behavioral hypotheses. The evidence indicates specific biases affecting subjective valuations of options: (1) buyers and sellers price options below their expected values; (2) buyers' prices are consistently below sellers' prices; (3) irrelevant outcomes decrease option values; (4) discount rates vary with the option time horizon; and (5) changes in option values do not fully reflect increases in exercise prices. We discuss the implications of these findings for the management of real options and suggest directions for developing descriptive real option theory.
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|a Copyright 2004 John Wiley & Sons, Ltd.
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|a real options
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|a behavioral decision theory
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|a risk preferences
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|a discount rates
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|a prospect theory
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|a Law
|x Civil law
|x Contract law
|x Contracts
|x Financial contracts
|x Derivative contracts
|x Options contracts
|x Call options
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4 |
|a Business
|x Business operations
|x Commerce
|x Pricing
|x Prices
|x Strike prices
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650 |
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4 |
|a Law
|x Civil law
|x Contract law
|x Contracts
|x Financial contracts
|x Derivative contracts
|x Options contracts
|x Put options
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650 |
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4 |
|a Economics
|x Economic disciplines
|x Financial economics
|x Finance
|x Financial analysis
|x Risk management
|x Risk aversion
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650 |
|
4 |
|a Economics
|x Economic disciplines
|x Financial economics
|x Finance
|x Financial investments
|x Investment strategies
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650 |
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4 |
|a Applied sciences
|x Research methods
|x Survey research
|x Survey methods
|x Questionnaires
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650 |
|
4 |
|a Mathematics
|x Applied mathematics
|x Statistics
|x Applied statistics
|x Inferential statistics
|x Expected values
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650 |
|
4 |
|a Economics
|x Economic disciplines
|x Financial economics
|x Banking
|x Central banking
|x Federal Reserve System
|x Discounting
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650 |
|
4 |
|a Economics
|x Economic disciplines
|x Financial economics
|x Finance
|x Financial management
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650 |
|
4 |
|a Philosophy
|x Applied philosophy
|x Social philosophy
|x Social criticism
|x Critical theory
|x Metanarratives
|x Normativity
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650 |
|
4 |
|a Law
|x Civil law
|x Contract law
|x Contracts
|x Financial contracts
|x Derivative contracts
|x Options contracts
|x Call options
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650 |
|
4 |
|a Business
|x Business operations
|x Commerce
|x Pricing
|x Prices
|x Strike prices
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650 |
|
4 |
|a Law
|x Civil law
|x Contract law
|x Contracts
|x Financial contracts
|x Derivative contracts
|x Options contracts
|x Put options
|
650 |
|
4 |
|a Economics
|x Economic disciplines
|x Financial economics
|x Finance
|x Financial analysis
|x Risk management
|x Risk aversion
|
650 |
|
4 |
|a Economics
|x Economic disciplines
|x Financial economics
|x Finance
|x Financial investments
|x Investment strategies
|
650 |
|
4 |
|a Applied sciences
|x Research methods
|x Survey research
|x Survey methods
|x Questionnaires
|
650 |
|
4 |
|a Mathematics
|x Applied mathematics
|x Statistics
|x Applied statistics
|x Inferential statistics
|x Expected values
|
650 |
|
4 |
|a Economics
|x Economic disciplines
|x Financial economics
|x Banking
|x Central banking
|x Federal Reserve System
|x Discounting
|
650 |
|
4 |
|a Economics
|x Economic disciplines
|x Financial economics
|x Finance
|x Financial management
|
650 |
|
4 |
|a Philosophy
|x Applied philosophy
|x Social philosophy
|x Social criticism
|x Critical theory
|x Metanarratives
|x Normativity
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655 |
|
4 |
|a research-article
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700 |
1 |
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|a Shapira, Zur
|e verfasserin
|4 aut
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773 |
0 |
8 |
|i Enthalten in
|t Strategic Management Journal
|d John Wiley & Sons
|g 25(2004), 3, Seite 269-284
|w (DE-627)271175133
|w (DE-600)1478912-7
|x 10970266
|7 nnns
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1 |
8 |
|g volume:25
|g year:2004
|g number:3
|g pages:269-284
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856 |
4 |
0 |
|u https://www.jstor.org/stable/20142117
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|d 25
|j 2004
|e 3
|h 269-284
|