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This new approach to investment recognizes the option value of waiting for better (but never complete) information. It exploits an analogy with the theory of options in financial markets, which permits a much richer dynamic framework than was possible with the traditional theory of investment. The authors present the new theory in a clear and systematic way, and consolidate, synthesize, and extend the various strands of research that have come out of the theory. Their book shows the importance of the theory for understanding investment behavior of firms
develops the implications of this theory for industry dynamics and for government policy concerning investment
and shows how the theory can be applied to specific industries and to a wide variety of business problems.
Library of Congress subject headings for this publication: Capital investments Decision making