Redevelopment of Real Assets
研究了实物资产可被无限次重建的特性，分析了最优重建策略和市场价值，发现相比标准单次重建，重建更频繁、规模更小，市场价值更高。
Real assets can be redeveloped repeatedly. Unlike financial assets, the option to redevelop real assets can be exercised infinitely often. For a depreciating real asset, the optimal exercise policy and resulting market values are calculated analytically and compared to the standard solution with at most one redevelopment. Relative to the standard solution, redevelopment is on average more frequent and less extensive, and the resulting market values are greater.