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Investment under Uncertainty
Free Download Investment under Uncertainty
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Review
"[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
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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
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Product details
Hardcover: 476 pages
Publisher: Princeton University Press; First Printing edition (January 10, 1994)
Language: English
ISBN-10: 9780691034102
ISBN-13: 978-0691034102
ASIN: 0691034109
Product Dimensions:
6.5 x 1.2 x 9.5 inches
Shipping Weight: 1.8 pounds (View shipping rates and policies)
Average Customer Review:
4.5 out of 5 stars
12 customer reviews
Amazon Best Sellers Rank:
#892,005 in Books (See Top 100 in Books)
Let me start off by saying that this is an excellent book. The authors are very clear writers and the text is easy to follow. I think there are two types of readers that can benefit from reading this book. First, anyone that wants to learn about real options, especially the theory behind it should read this book. Dixit and Pindyck do a wonderful job explaining the different options embedded in real projects. Second, anyone that wants to learn how to use dynamic programming or contingent claims analysis to solve real options problems should read this book. In my opinion, Dixit and Pindyck have the best explanation of what to expect and how to solve the common specifications found in real options problems. They show problems that make use of different stochastic processes, such as geometric Brownian motions, mean reverting processes, or Poisson jump processes, and show how some of these can be solved analytically. Other books do not delve into a lot of detail on finding analytical solutions to the problems and merely assume that readers would be able to figure out their calculations. In addition, there is a short section (might even have been an appendix) that briefly discusses how numerical solutions work.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).
This book is a great introduction to real options and optimization with Brownian motion constraints. The book is well written. I started reading this as a senior in undergrad, and its almost self-contained. Great textbook -I highly recommend it. I wish Dixit and Pindyck wrote more textbooks in economics.
Must-read for anyone investing in anything!
This was an excellent text I followed in an advanced engineering economics course I took in the last year of college. The structure of the book is well thought out and with a previous grasp of the basic mathematical knowledge the book assumes (and with tools like Mathematica), one could learn a great deal about stochastic calculus and it's applications in finance.
For anyone interested (seriously) in investment under uncertainty (aren't most of the investments such) this is a must have. But a few words of caution though. The book is not easy to read and follow if you don't have working knowledge of calculus, differential equations, numerical analysis (finite differences) and probability theory to a lesser degree.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.
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