Ankum, L.A.

value project market investment option competitor strategy opportunity market demand inflow competition opportunity cost follow-up project cash inflows demand example cash inflow investment opportunity investment strategy exhibit monopoly management timing ofthe follow-up market power advantage future industry entry firm b n moves market demand tums approach power capital state investment tactics valuation period project value subgame tactic binomial option model value ofthe project model postponement options approach deferment ankum / analogy trigeorgi stage equivalent theory decision equilibrium position ankum product investment timing strategy investment opportunities outcome exclusiveness ofthe latter state value market uncertainty binomial production facilities investment timing problem capacity finance fmancial market option valuation method portfolio relation dividend payout ratio dynamic price strength preemption