농업경제연구

Korean Agricultural Economics Association

제목 실물옵션 모형을 이용한 농지보전 프로그램의 농업투자 효과분석
저자 박호정, 황의식
발행정보 44권 4호 (2003년 12월) 페이지 121~139
초록 We study the effect of farmland preservation programs on agricultural investment where there exists uncertainty on agricultural income. From the conventional argument of real option theory, uncertainty provides adverse effect in investment. The presented compound real option model where investment option is determined coupled with divestment option shows that farmland preservation programs can resolve such adverse investment effect of uncertainty by decreasing divestment option. An empirical examination using a probit model validates our theoretical results.
논문파일 농업경제연구-2003(44권제4호)-07.pdf