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CHAPTER 3 The Six Basic Managerial Options.In this chapter we will start learning to use the binomial option model in practice. The initial applications focus on the valuation of the six basic managerial options that are summarized along with their real option counterparts in Figure 3.1. | The Six Basic Managerial Options In this chapter we will start learning to use the binomial option model in practice. The initial applications focus on the valuation of the six basic managerial options that are summarized along with their real option counterparts in Figure 3.1. We will show how those basic options can be framed and valued using the binomial option model and also discuss how the model is useful in looking at option interaction. The Option to Defer Wait until further information reduces market uncertainty. The Option to Abandon Dispose of an unprofitable project. The Option to Switch Change input output parameters or modus operandi. The Option to Expand Contract Alter capacity depending on market conditions. The Option to Grow Entertain future-related opportunities. The Option to Stage Break up investment into incremental conditional steps. FIGURE 3.1 The basic real options 67 68 REAL OPTIONS IN PRACTICE THE OPTIOW OF WAITING TO INVEST The deferral option or option of waiting to invest derives its value from reducing uncertainty by delaying an investment decision until more information has arrived. A mining company with proprietary rights to a given mine may want to delay exploring the mine once price uncertainty has been resolved and the cost of recovering the contents of the mine is well covered by the anticipated revenue stream coming from the sale of the metal. The owner of the mine pays a license fee for the mine or a property tax which is the price to keep the option alive and exercise it once market conditions allow the upside potential to be realized. Translated into financial terms the mine owner has a perpetual American call option He is the option owner and can exercise at any time in perpetuity without any expiration date. A drug maker may want to delay the decision to build a new manufacturing plant for a newly approved drug until a better understanding of the market performance of the compound has developed and therefore to outsource .
