Valuing Infrastructure Investment: An Option Games Approach
提出一种基于实物期权和博弈论的估值方法，帮助判断投资者何时可能为基础设施资产支付过高价格，以及何时溢价合理，适用于分析机场等基础设施私有化趋势。
To understand the recent trend toward privatization of infrastructure assets (e.g., airports), this article proposes a valuation methodology based on real options and game theory analysis that enables assessing when investors might overpay for infrastructure assets over standard discounted cash flow methods and when a premium is justified for their operating flexibility or strategic growth option value. While some infrastructure asset acquisitions may involve financial transactions whose value derives primarily from their expected cash flows, many of these infrastructure investments provide a platform and create the strategic context within which the firm can grow.