A real options model to assess the role of flexibility in forestry and agroforestry adoption and disadoption in the Lower Mississippi Alluvial Valley
用实物期权模型分析决策灵活性如何影响林业和农林复合经营的经济可行性，发现其采纳比传统资本预算模型预测的更不可行，对研究土地利用与生态恢复的学者有参考价值。
Abstract Efforts to restore the Lower Mississippi Alluvial Valley's forests have not achieved desired levels of ecosystem services production. We examined how the variability of returns and the flexibility to change or postpone decisions (option value) affects the economic potential of forestry and agroforestry systems to keep private land in production while still providing ecosystem services. A real options analysis examined the impact of flexibility in decision making under agriculture, forestry, and agroforestry and demonstrated that adoption of forestry or agroforestry systems is less feasible than would be predicted by deterministic capital budgeting models.