Valuing Flexibility as a Complex Option
用或有债权定价方法评估柔性生产系统的价值，允许需求曲线向下倾斜、边际成本递增、多产品及产能约束，并以双产品随机利润边际系统为例说明。
ABSTRACT This paper develops an approach for valuing flexible production systems using contingent claims pricing. Demand curves for our model's underlying assets (output products) may be downward sloping, in contrast with the standard option pricing assumption. Also, our marginal production(exercise) costs may be increasing. In addition, we allow for multiple products and a production capacity constraint. These elements of the model result in complex exercise decisions for the contingent claims which comprise the production system's value. We illustrate our approach by valuing a flexible system that produces two products which have profit margin functions with stochastic parameters.