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Title The new investment theory of real options and its implication for telecommunications economics / edited by James Alleman, Eli Noam.
Imprint Boston : Kluwer Academic Publishers, 1999.

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Series Topics in regulatory economics and policy series ; 34
Topics in regulatory economics and policy ; 34.
Subject Telecommunication -- Economic aspects.
Capital budget.
Options (Finance)
Alt Name Alleman, James H.
Noam, Eli M.
Description 1 online resource (xv, 280 pages) : illustrations
Bibliography Note Includes bibliographical references and index.
Note Print version record.
Summary The issue of costing and pricing in the telecommunications industry has been hotly debated for the last twenty years and we are still wrestling over the cost of the local exchange for access by interexchange and competitive local exchange carriers, as well as for universal service funding. With the advent of competition, the historical costing schemes had to change. Federal regulators wanted to ensure that monopoly rates did not subsidize competitive offerings. As a result, various costing methodologies were devised to allocate costs among the dominant carriers' services. The issue of costs can be summarized as two-fold: the quantitative determination of the level of costs and the proper attribution of those costs. Both are fraught with questions. The amount of costs, for instance, can vary from book costs to marginal costs. The attribution of costs can vary from those that are directly attributable to those that are joint and common. Hence, the need for costing theories and models. The industry is constantly in search of theories and models that more accurately reflect the underlying costs of service. It is in this light that the papers have been compiled for The New Investment Theory of Real Options in Telecommunications. Real options theory attempts to consider management's flexibility in valuation analysis and corrects the deficiencies of the traditional discounted present-value and decision tree analyses. This book sets forth an introduction and overview of the subject, and then provides the reader with a primer on real options. The volume highlights the controversies that surround the application of real options in the telecommunications industry; however, the editors have effectively separated the issues of application from those of interpretation.
ISBN 0585333149 (electronic bk.)
9780585333144 (electronic bk.)
0792377346
9780792377344
OCLC # 45843090
Additional Format Print version: New investment theory of real options and its implication for telecommunications economics. Boston : Kluwer Academic Publishers, 1999 0792377346 (DLC) 99052725 (OCoLC)42733825
Table of Contents
 Preface / Randall B. Lowe 
 Acknowledgements 
 Introduction and Overview / James Alleman 
 Real Options: An Overview1
 1Real Options: A Primer / Lenos Trigeorgis3
 2Real Options Applications in the Telecommunications Industry / Sanjai Bhagat35
 3Does Practice Follow Principle? Applying Real Options Principles to Proxy Costs in U.S. Telecommunications / Mark A. Jamison49
 4Real Options: What Telecommunications Can Learn from Electric Power / Todd Strauss77
 Principles85
 5Cost Models: Comporting with Principles / Richard Emmerson87
 6The Design of Forward Looking Cost Models for Exchange Telecommunications Networks / William Sharkey95
 7Forward Looking Telecommunications Cost Models / Timothy J. Tardiff119
 Implications of Neglecting Real Options123
 8An Institutional Perspective on Assessing Real Options Values in Telecommunications Cost Models / Barbara A. Cherry125
 9Real Options Applications for Telecommunications Deregulation / Greg Hallman, Chris McClain139
 10The Poverty of Cost Models, the Wealth of Real Options / James Alleman159
 11The Forecasting Implications of Telecommunications Cost Models / Timothy J. Tardiff181
 12The Effect of Sunk Costs in Telecommunications Regulation / Jerry Hausman191
 Real Options: Evaluations205
 13Real Options and the Costs of the Local Telecommunications Network / Nicholas Economides207
 14Option Value Analysis and Telephone Access Charges / William J. Baumol215
 15Rethinking the Implications of "Real Options" Theory for the U.S. Local Telephone Industry / Richard N. Clarke219
 16Application of Real Options Theory to TELRIC Models: Real Trouble or Red Herring / Michael D. Pelcovits227
 17Discussion: A View from Outside the Industry / Lenos Trigeorgis245
 18Rejoinder / Jerry Hausman249
 Summary/Conclusions253
 19Real Options, False Choices: A Final Word / Eli Noam255
 Biographies261
 Index271


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