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Option Value: Theory and Measurement

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  • Fisher, Anthony
  • Hanemann, W.

Abstract

In this paper, the authors provide a theoretical review of option value and its relationship to a more familiar concept in decision analysis, the value of information. They further show how option value might be measured with the aid of a partly realistic and partly hypothetical example. The authors also consider how contingent valuation techniques might be used to estimate option value. Copyright 1990 by Oxford University Press.
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Suggested Citation

  • Fisher, Anthony & Hanemann, W., 1989. "Option Value: Theory and Measurement," CUDARE Working Papers 198491, University of California, Berkeley, Department of Agricultural and Resource Economics.
    • Handle: RePEc:ags:ucbecw:198491
    DOI: 10.22004/ag.econ.198491
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    File URL: https://ageconsearch.umn.edu/record/198491/files/agecon-cal-503.pdf
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    Cited by:

    1. Mittenzwei, Klaus & Bullock, David S. & Salhofer, Klaus, 2012. "Towards a theory of policy timing," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 56(4), pages 1-14.
    2. Mittenzwei, Klaus, 2002. "Policy Design as an Irreversible Investment Under Uncertainty: Norwegian Agriculture and the WTO," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24875, European Association of Agricultural Economists.
    3. Robert Innes & George Frisvold, 2009. "The Economics of Endangered Species," Annual Review of Resource Economics, Annual Reviews, vol. 1(1), pages 485-512, September.
    4. Jean Cavailhès & Mohamed Hilal & Pierre Wavresky, 2011. "Urban influence of farmland prices and its impact on agriculture [L'influence urbaine sur le prix des terres agricoles et ses conséquences pour l'agriculture]," Post-Print hal-02645617, HAL.
    5. Mittenzwei, Klaus & Bullock, David S. & Salhofer, Klaus & Kola, Jukka, 2011. "Towards a Theory of Policy Making," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 114639, European Association of Agricultural Economists.
    6. Jean Cavailhés & Mohamed Hilal & Pierre Wavresky, 2011. "Option values on periurban land markets," ERSA conference papers ersa10p1629, European Regional Science Association.
    7. Abebayehu Tegene & Keith Wiebe & Betsey Kuhn, 1999. "Irreversible Investment Under Uncertainty: Conservation Easements and the Option to Develop Agricultural Land," Journal of Agricultural Economics, Wiley Blackwell, vol. 50(2), pages 203-219, May.
    8. Ha-Duong, Minh, 1998. "Quasi-option value and climate policy choices," Energy Economics, Elsevier, vol. 20(5-6), pages 599-620, December.
    9. Jean Cavailhès & Mohamed Hilal & Pierre Wavresky, 2013. "A new real option value due to "demographic risk" in the market for developable land," Post-Print hal-00939785, HAL.
    10. Jean Cavailhès & Mohamed Hilal & Pierre Wavresky, 2011. "L’influence urbaine sur le prix des terres agricoles et ses conséquences pour l’agriculture," Économie et Statistique, Programme National Persée, vol. 444(1), pages 99-125.
    11. Olivier Mahul & Alexandre Gohin, 1999. "Irreversible decision making in contagious animal disease control under uncertainty : an illustration using FMD in Brittany," Post-Print hal-01952087, HAL.

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    Keywords

    Production Economics; Public Economics;

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