Artikel
Real option valuation of game lodge concessions
Recent commercialisation of property in the Kruger National Park was achieved by the tendering of various concession rights. South African National Parks generated scenarios of possible future cash flows for private lodges on the concession sites and identified what rental incomes they expected to receive from the different concessions. Following the public tender of the concessions, they found that they had grossly underestimated the value of the concession rights as the actual tender values of the winning bidders far exceeded their mean concession fee valuations.Through the use of random stochastic modelling and Monte Carlo simulation this research shows that real option valuation accounts for the positive difference between the winning bids and the mean concession fee values for each of the concessions investigated.
- Language
-
Englisch
- Bibliographic citation
-
Journal: South African Journal of Business Management ; ISSN: 2078-5976 ; Volume: 35 ; Year: 2004 ; Issue: 1 ; Pages: 27-34 ; Cape Town: African Online Scientific Information Systems (AOSIS)
- Classification
-
Management
- Event
-
Geistige Schöpfung
- (who)
-
Spencer-Young, J.
Durand, F.
- Event
-
Veröffentlichung
- (who)
-
African Online Scientific Information Systems (AOSIS)
- (where)
-
Cape Town
- (when)
-
2004
- DOI
-
doi:10.4102/sajbm.v35i1.649
- Handle
- Last update
-
10.03.2025, 11:42 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Spencer-Young, J.
- Durand, F.
- African Online Scientific Information Systems (AOSIS)
Time of origin
- 2004
Other Objects (12)
Real option valuation of product innovation
Real option valuation in service industries
Valuation of Early-Stage Ventures: Option Valuation Models vs. Traditional Approaches
Game-Keeper's Lodge. Design 1.
Stochastic valuation of energy investments : important aspects for simulation and real option valuation
Stochastic valuation of energy investments : important aspects for simulation and real option valuation
Concessions
Option valuation, optimization and excursions of commodity indices
Option valuation in the presence of market imperfections
Option framework for the valuation of biopharmaceutical companies
Option Valuation with Observable Volatility and Jump Dynamics
Essays about Option Valuation under Stochastic Interest Rates
Real option valuation of product innovation
Real option valuation in service industries
Valuation of Early-Stage Ventures: Option Valuation Models vs. Traditional Approaches
Game-Keeper's Lodge. Design 1.
Stochastic valuation of energy investments : important aspects for simulation and real option valuation
Stochastic valuation of energy investments : important aspects for simulation and real option valuation
Concessions
Option valuation, optimization and excursions of commodity indices
Option valuation in the presence of market imperfections
Option framework for the valuation of biopharmaceutical companies
Option Valuation with Observable Volatility and Jump Dynamics
Essays about Option Valuation under Stochastic Interest Rates
Real option valuation of product innovation
Real option valuation in service industries
Valuation of Early-Stage Ventures: Option Valuation Models vs. Traditional Approaches
Game-Keeper's Lodge. Design 1.
Stochastic valuation of energy investments : important aspects for simulation and real option valuation
Stochastic valuation of energy investments : important aspects for simulation and real option valuation
Concessions
Option valuation, optimization and excursions of commodity indices
Option valuation in the presence of market imperfections
Option framework for the valuation of biopharmaceutical companies
Option Valuation with Observable Volatility and Jump Dynamics