High-speed rail transport valuation
研究了在需求不确定下投资高速铁路项目的最佳时机，构建了连续时间实物期权分析框架，并评估了延迟期权和投资机会价值。
In this paper, the optimal timing for investing in high-speed rail projects under uncertainty in relation to the utility provided to railway users was investigated. To accomplish this, a continuous time real options analysis framework using a stochastic demand model was developed to determine the optimal time to invest. Uncertainty upon investment expenditures was also added in an extended framework. The value of the option to defer and the investment opportunity value were also assessed.