收入不确定条件下设备的经济使用寿命:实物期权方法

IF 1 4区经济学 Q4 BUSINESS

Engineering Economist Pub Date : 2021-08-20 DOI:10.1080/0013791X.2021.1946226

Kyung-Taek Kim, Donghyun An, Deok-Joo Lee

{"title":"收入不确定条件下设备的经济使用寿命:实物期权方法","authors":"Kyung-Taek Kim, Donghyun An, Deok-Joo Lee","doi":"10.1080/0013791X.2021.1946226","DOIUrl":null,"url":null,"abstract":"Abstract Companies which utilize equipment as a critical manufacturing asset should resolve the problem of economic replacement. In this article, a case study of equipment replacement for an auto parts manufacturer is presented. We derive a formula to calculate the expected service life using a classical binomial real options model under revenue uncertainty. A sensitivity analysis shows that the initial cost of the equipment has the largest impact on the expected service life in this case study. The presented real option model is applicable to manufacturing companies which seek to the solution of economic equipment replacement under revenue uncertainty.","PeriodicalId":49210,"journal":{"name":"Engineering Economist","volume":"66 1","pages":"245 - 261"},"PeriodicalIF":1.0000,"publicationDate":"2021-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/0013791X.2021.1946226","citationCount":"0","resultStr":"{\"title\":\"Economic service life of equipment under uncertain revenues: A real options approach\",\"authors\":\"Kyung-Taek Kim, Donghyun An, Deok-Joo Lee\",\"doi\":\"10.1080/0013791X.2021.1946226\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Abstract Companies which utilize equipment as a critical manufacturing asset should resolve the problem of economic replacement. In this article, a case study of equipment replacement for an auto parts manufacturer is presented. We derive a formula to calculate the expected service life using a classical binomial real options model under revenue uncertainty. A sensitivity analysis shows that the initial cost of the equipment has the largest impact on the expected service life in this case study. The presented real option model is applicable to manufacturing companies which seek to the solution of economic equipment replacement under revenue uncertainty.\",\"PeriodicalId\":49210,\"journal\":{\"name\":\"Engineering Economist\",\"volume\":\"66 1\",\"pages\":\"245 - 261\"},\"PeriodicalIF\":1.0000,\"publicationDate\":\"2021-08-20\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://sci-hub-pdf.com/10.1080/0013791X.2021.1946226\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Engineering Economist\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://doi.org/10.1080/0013791X.2021.1946226\",\"RegionNum\":4,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q4\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Engineering Economist","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1080/0013791X.2021.1946226","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"BUSINESS","Score":null,"Total":0}

引用次数: 0

摘要

将设备作为关键生产资产的企业，必须解决经济置换问题。本文以某汽车零部件生产企业的设备更换为例进行了分析。在收入不确定的情况下，利用经典的二项实物期权模型推导了期望使用寿命的计算公式。敏感性分析表明，在本案例研究中，设备的初始成本对预期使用寿命的影响最大。本文提出的实物期权模型适用于在收入不确定的情况下寻求经济设备更换方案的制造企业。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Economic service life of equipment under uncertain revenues: A real options approach

Abstract Companies which utilize equipment as a critical manufacturing asset should resolve the problem of economic replacement. In this article, a case study of equipment replacement for an auto parts manufacturer is presented. We derive a formula to calculate the expected service life using a classical binomial real options model under revenue uncertainty. A sensitivity analysis shows that the initial cost of the equipment has the largest impact on the expected service life in this case study. The presented real option model is applicable to manufacturing companies which seek to the solution of economic equipment replacement under revenue uncertainty.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Engineering Economist ENGINEERING, INDUSTRIAL-OPERATIONS RESEARCH & MANAGEMENT SCIENCE

CiteScore

2.00

自引率

0.00%

发文量

审稿时长

>12 weeks

期刊介绍： The Engineering Economist is a refereed journal published jointly by the Engineering Economy Division of the American Society of Engineering Education (ASEE) and the Institute of Industrial and Systems Engineers (IISE). The journal publishes articles, case studies, surveys, and book and software reviews that represent original research, current practice, and teaching involving problems of capital investment. The journal seeks submissions in a number of areas, including, but not limited to: capital investment analysis, financial risk management, cost estimation and accounting, cost of capital, design economics, economic decision analysis, engineering economy education, research and development, and the analysis of public policy when it is relevant to the economic investment decisions made by engineers and technology managers.