【主講】美國東北大學教授Amiya K. Chakravarty
【時間】2013-09-18（周三）,15:00-17:00
【摘要】The tradeoff between cost and risk in offshore operations, provides choices in terms of different portfolios of onshore and offshore facilities, and leased or owned facilities. The assessment of this tradeoff can become quite challenging when demand is uncertain. We consider a build-operate-transfer (BOT) model that provides an option for the principal to own the facility after leasing it for a period known as the “concession” period. The principal may decide not to purchases the facility if the total cost of ownership is too high; and the offshore partner may decide not to sell if his profit is not high enough. We find that BOT has a special structure that provides flexibility to the supplier in that multiple combinations of lease and sales prices will be optimal. We establish that while both parties are sensitive to the reservation values, they react differently – principal buys a smaller facility if the supplier’s reservation-profit is high, and the supplier cuts price if principal’s reservation-cost is low. Our analysis also reveals that the principal and supplier can both be better off if the principal is more experienced in offshore operations.
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