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Description

This publication represents a review and a critical re-evaluation of the literature dealing with option value. This literature is rich and dynamic and provides a fascinating sequence of articles, comments, and rebuttals. Reevaluation of the concept requires a rather comprehensive review of this literature, which is something that has not been provided to date. The literature review is also important because the work of some authors has been systematically overlooked in the course of the debate. As a result of this oversight, the original formulation of the concept continues to be cited in the literature even though its practical significance is doubtful.

Document Type

Article

Volume

101

Publication Date

11-1-1980

Publisher

Life Sciences and Agriculture Experiment Station

City

Orono

Keywords

cost effectiveness, option value

Disciplines

Natural Resource Economics

TB101: The Relevance of Option Value in Benefit-Cost Analysis

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