akin securityanalysispresentation2014 1p80bsk

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You are offered a black box that converts $1.00 into$1.10 with absolute certainty. Interest rates arecurrently at 20%. How much should you be willing

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NPV Analysis: NothingNPV = -1 + (1.1/1.2) = $(0.083)

Real Option Analysis: The box is not valuable rightnow. But it may be valuable in the future if and wheninterest rates fall below 10%.

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Uncertainty Flexibility

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Value of AsStrike Price

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