불확실성을 고려한 항공산업의 투자결정 -실물옵션 접근법- = Investment under Uncertainty in Airline Industry -A Real Option Perspective-

다국어 초록 (Multilingual Abstract)

This paper investigates the application of real options analysis to aviation management. Real options represent an analytical tool for strategic planning in an uncertain business environment. The purpose of this paper is twofold. First, the study provides an overview of the literature on real options in aviation management, as real options have been widely used to inform investment decisions in the aviation industry. It suggests that investment decisions in the aviation industry are made under multiple levels of uncertainty and it surveys previous studies that analyze the construction and expansion of airports in a real options framework. Second, using a theoretical model for building a new airport, this paper analyzes the effects of uncertainty on investment decisions. It demonstrates that uncertainty plays is inescapable role in aviation-related investment decision-making and recommends that such uncertainty must be considered seriously.

참고문헌 (Reference)

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