摘要 : In this article we show how a project's option value increases with incremental levels of investment and disinvestment flexibility. We do this by presenting two NPV and seven option pricing models in a strict sequence of increasin... 展开 In this article we show how a project's option value increases with incremental levels of investment and disinvestment flexibility. We do this by presenting two NPV and seven option pricing models in a strict sequence of increasing flexibility. We illustrate each with numerical examples and determine the maximum value that a project option could ever support. We show that managerial consideration of exit options at the time of project initiation can add value. (c) 2004 Elsevier B.V. All rights reserved. 收起