- Hardcover: 476 pages
- Publisher: Princeton University Press; First Printing edition (January 10, 1994)
- Language: English
- ISBN-10: 0691034109
- ISBN-13: 978-0691034102
- Product Dimensions: 6.5 x 1.2 x 9.5 inches
- Shipping Weight: 1.8 pounds (View shipping rates and policies)
- Average Customer Review: 13 customer reviews
- Amazon Best Sellers Rank: #510,190 in Books (See Top 100 in Books)
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Investment under Uncertainty First Printing Edition
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"[The authors'] approach has powerful implications for investors in marketable assets as well. No investment professional or CFO can afford to ignore this brilliant new book."―Peter L. Bernstein, author of Capital Ideas: The Improbable Origins of Modern Wall Street
"Avinash Dixit and Robert Pindyck have successfully applied to capital budgeting the ideas and techniques of option pricing that have so enriched our understanding of financial markets."―Merton H. Miller, Nobel Laureate in Economics
From the Inside Flap
"[The authors'] approach has powerful implications for investors in marketable assets as well. No investment professional or CFO can afford to ignore this brilliant new book."--Peter L. Bernstein, author ofCapital Ideas: The Improbable Origins of Modern Wall Street
"Avinash Dixit and Robert Pindyck have successfully applied to capital budgeting the ideas and techniques of option pricing that have so enriched our understanding of financial markets."--Merton H. Miller, Nobel Laureate in Economics
Top customer reviews
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After reading a number of real options texts available in the market, I am glad that I still took the time to read this book. This is probably the most important real options book out there. Although I think every one interested in real options should read this, I think the ones that are particularly interested in more applied real options are better served by a book like Copeland and Antikarov's Real Options book and Copeland's Valuation book. These books are more geared towards solving valuation problems using binomial trees, which for practical purposes would most likely be the approach used (as most real world problems would probably need numerical solutions anyway).
The book actually summarizes the field of investment under uncertainty up to the point when it was written (early 90s): basically it collects journal articles published in this area and organizes then in logical manner. But it also does more than just collecting articles: it emphasizes important points in each of them and omits irrelevant ones. It also adds important segments to bridge the gap between the articles. In the first few chapters authors give mathematical preliminaries (in my opinion you should look elsewhere if the maths is unknown to you but once you get the hold of it, you will appreciate their exposition as it is very concise and relevant to the issues in the book). In the rest of the chapters authors build the idea of investment under uncertainty starting with simple and moving on to more complicated examples.
So who could use this book? Besides academics, people working on investment analysis in capital intensive industries (energy, RnD, real estate, etc - engineers might find this book very useful: Pindyck by the way has a degree in electrical engineering and Dixit in math). Coming from the energy sector I always felt something was wrong with traditional NPV analysis. Now I know what the solution is: use real options.
Overall, the book is worth every second you invest in it.