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Essays on valuation of manufacturing flexibility: an option-pricing theory approach
Linköping University, Department of Production Economics. Linköping University, The Institute of Technology.
2000 (English)Licentiate thesis, comprehensive summary (Other academic)
Abstract [en]

Flexibility in manufacturing operations is becoming increasingly more important to industrial firms due to e.g. increasing product demand volatility, internationalisation of markets and competition, and shorter product life cycles. Flexibility is hard to evaluate in the traditional way by discounting expected cash flow, but an accessible approach is to consider flexibility as real options and use option-pricing theory. The general purpose of this thesis is to analyse and increase the understanding of product-mix flexibility by using option pricing. Employing option pricing enables a number of flexibility related issues to be analysed. From a manufacturing point of view aspects such as the impact of capacity levels, degree of flexibility in the manufacturing process, and characteristics of product demand are analysed. From a financial point of view aspects such as the impact of correlation between product demand and the market portfolio, and the impact of mean-reverting processes are analysed. The manufacturing contexts are characterised by set-up costs, capacity constraints, and in the presence of several products.

Place, publisher, year, edition, pages
Linköping: Linköpings universitet , 2000. , p. 134
Series
Linköping Studies in Science and Technology. Thesis, ISSN 0280-7971 ; 830Dissertations from the International Graduate School of Management and Industrial Engineering, ISSN 1402-0793 ; 42
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:liu:diva-145942Local ID: LiU-TEK-LIC-2000:26ISBN: 9172197684 (print)OAI: oai:DiVA.org:liu-145942DiVA, id: diva2:1199835
Presentation
2000-06-16, Sal S41, C-huset, Campus Valla, Linköping, Sweden, 13:15 (Swedish)
Available from: 2018-04-23 Created: 2018-04-23 Last updated: 2018-11-06Bibliographically approved

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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • oxford
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf