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| Tekijä: | Willigers, B.J.A. Hansen, T.L. |
| Otsikko: | Project valuation in the pharmaceutical industry: a comparison of least-squares Monte Carlo real option valuation and conventional approaches |
| Lehti: | R & D Management
2008 : NOV, VOL. 38:5, p. 520-537 |
| Asiasana: | R&D risk management projects valuation pharmaceutical industry Monte Carlo technique simulation models |
| Kieli: | eng |
| Tiivistelmä: | This study shows that Least-squares Monte Carlo simulation (LSM) can handle complex valuation situations with multiple uncertainties and compounded American-type options. The limited application of real option valuation (ROV) in the pharmaceutical industry is notable, given the importance of accurate project valuation in an industry requiring large investments in high-risk projects with long pay-back periods. The LSM model developed in this study is built as an extension of a discounted cash flow model familiar to economists active in the pharmaceutical industry. |
SCIMA