CRIAÇÃO DE VALOR ATRAVÉS DA ESTRATÉGIA DE PROCRASTINAÇÃO

Elizabeth Krauter, Herbert Kimura and Leonardo Fernando Cruz Basso

Anais do XXXII Encontro Nacional de Economia [Proceedings of the 32nd Brazilian Economics Meeting] from ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics]

Abstract: This research considers a mathematical model for pricing the procrastination option. The concept of procrastination will be discussed from the point of view of Psychology, Economy, Finance and Strategy. The maximum limit of the strategy of procrastination will be investigated, considering the cash flow loss due to the possible first move of the competition and considering the benefit of the reduction of uncertainty due to the information that becomes available as time passes. A simulation will be presented aiming to establish the benefits of the optimum exercise of the option. The results, amongst others, suggest that one must delay projects in environments in which the costs of procrastination, measured by a salience parameter, are low; the factor of decline of the cash flows of projects is low and the increment of risk in the short term is high. The limitations of the study and the applicability of the model for the Brazilian reality are also discussed.

JEL-codes: A12 D61 D81 (search for similar items in EconPapers)
Date: 2004
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