Centro de Estudos de Economia Aplicada do Atlântico
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The Centre of Applied Economics Studies of the Atlantic (CEEApl-A) was created in 2003. Its mission is to promote fundamental and applied scientific research, engaging projects in the areas of business and economics. CEEApl-A in FCT's last evaluation was ranked as "Very Good".
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Percorrer Centro de Estudos de Economia Aplicada do Atlântico por autor "Azevedo-Pereira, José"
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- High speed rail transport valuationPublication . Pimentel, Pedro; Azevedo-Pereira, José; Couto, GualterThe present paper investigates the optimal timing of investment for a high speed rail (HSR) project, in an uncertain environment, using a real options analysis (ROA) framework. It develops a continuous time framework with stochastic demand that allows for the determination of the optimal timing of investment and the value of the option to defer in the overall valuation of the project. The modelling approach used is based on the differential utility provided to railway users by the HSR service.
- High speed rail transport valuation and policy decisionsPublication . Pimentel, Pedro; Azevedo-Pereira, José; Couto, GualterThe present paper investigates the process of decision making regarding the optimal timing to invest in the high speed rail (HSR) project, under uncertainty, using the real options analysis (ROA) framework. It’s developed a continuous time framework that allows a solution to the problem concerning the optimal timing to invest and to value the impact of the option to defer in the overall valuation of the project, with multiple uncertainty factors. Besides considering a stochastic demand, the effect of uncertainty in the investment’s expenditure and over the benefit per user is incorporated in a model with three stochastic variables. The modelling approach used is based on the differential utility provided to railway users by the HSR service.
- Optimal timing of relocationPublication . Azevedo-Pereira, José; Couto, Gualter; Nunes, CláudiaIn this paper we tackle the problem of the optimal relocation policy for a firm that faces two types of uncertainty: one about the moments in which new (and more efficient) sites will become available; and the other regarding the degree of efficiency improvement inherent to each one of these new, yet to be known, potential location places. In particular, we derive results concerning the expected optimal timing for relocation, the corresponding volatility and the value of the firm under the optimal relocation policy. Impacts on the final results driven by the characteristics of the firm´s original location site, the market environment and the way in which risk is modeled, are studied numerically. The overall results are in line with economic intuition.
- Some general results about the optimal timing of relocationPublication . Azevedo-Pereira, José; Couto, Gualter; Nunes, CláudiaIn this paper we derive general results concerning the optimal switching level in the problem of the optimal relocation policy for a firm that faces two types of uncertainty: one about the moments in which new (and more efficient) sites will become available; and the other regarding the degree of efficiency improvement inherent to each one of these new, yet to be known, potential location places. In particular, we note that the optimal switching level depends on the distribution of the degree of efficiency improvement only through an expected value. Impacts on the final results driven by the characteristics of the firm’s original location site, the market environment and the way in which risk is modelled are studied numerically. The overall results are in line with economic intuition.