A real options analysis of coffee planting in Vietnam
运用实物期权理论分析越南咖啡种植者的投资决策，发现其进入和退出生产的临界价格分别为每磅47美分和14美分，解释了越南在1990年代成为世界第二大咖啡生产国的原因。
Abstract Vietnam grew from an insignificant to the world's second largest coffee producer during the 1990s. To understand this growth, this article examines Vietnamese coffee growers' investment decisions using real options theory. The study finds that producers, with variable costs of 19 cents/lb and total cost of 29.3 cents/lb, would enter coffee production at a coffee price of 47 cents/lb and exit at a coffee price of 14 cents/lb. Most Vietnamese growers appear to be sufficiently efficient to continue producing coffee even at relatively depressed price levels.