PROPERTY RIGHTS, UNCERTAINTY AND OPTION VALUE

Ellen Burnes

No 20872, 1998 Annual meeting, August 2-5, Salt Lake City, UT from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: The transition from an open access to a private property rights management regime requires valuation mechanisms that respond to new incentives. The analysis relies on the NPV model, the Arrow Fisher (1972) result and the Black-Scholes option pricing model to describe the necessary elements of resource investment under this transition.

Keywords: Land; Economics/Use (search for similar items in EconPapers)
Pages: 12
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea98:20872

DOI: 10.22004/ag.econ.20872

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