英语翻译The Opportunity Cost of Using Excess Capacity A common problem in capital budgeting arises when a new project proposal calls for the use of existing,but currently idle,equipment or facilities.The issue is whether there is any opportunity

英语翻译The Opportunity Cost of Using Excess Capacity A common problem in capital budgeting arises when a new project proposal calls for the use of existing,but currently idle,equipment or facilities.The issue is whether there is any opportunity
英语翻译
The Opportunity Cost of Using Excess Capacity
A common problem in capital budgeting arises when a new project proposal calls for the use of existing,but currently idle,equipment or facilities.The issue is whether there is any opportunity cost to diverting these facilities to the new project.For example,the firm will incur an opportunity cost if diversion of capacity to the new project precludes its future use by other projects or causes production facilities to be replaced sooner than they otherwise would have been.( 1) Although the new project may be worthwhile on a stand-alone basis,the firm should recognize that its adoption may impose externalities on existing projects.Any such effects should be measured and included in the calculation of the new project's net present value.
Methods for estimating this opportunity cost are available,but they focus exclusively on the firm's future investment and make very strong assumptions about the predictability of that investment.In doing so,they fail to recognize the option elements of the problem,and in some circumstances this may result in seriously misleading estimates.( 2) Our aim in this paper is to analyze these option elements explicitly.We show that when uncertainty disappears,the option elements become unimportant,and the true opportunity cost collapses to the solution given by existing methods.However,as uncertainty grows,these option elements come to dominate the problem,and existing methods can substantially underestimate or overestimate the true opportunity cost.
The essence of our option framework is as follows:Capacity in place gives the firm an option to produce.Thus,if a firm diverts capacity from Product A to Product B,it forgoes the option to produce A immediately,but it acquires an option to replace the diverted capacity.The true opportunity cost of using the excess capacity is the change in the value of the firm's options.By focusing on the state-contingent nature of optimal future decisions,this framework recognizes that the opportunity cost is not necessarily equal to the present value of specific investment or production decisions.
Section I describes the problem and presents the real options analysis in general terms.Existing approaches to measuring opportunity cost are then contrasted with the options approach.Section II presents a specific numerical example in which the cost of diverting excess capacity is calculated for different values of such variables as investment cost,the interest rate,product price uncertainty and unit production cost.We show that the true opportunity cost can vary widely under these conditions in ways that are not captured by existing approaches.Section III briefly summarizes our results and offers conclusions.
这个只是一部分 希望有人帮我全文翻译下 救命啊 狗屁论文啊

英语翻译The Opportunity Cost of Using Excess Capacity A common problem in capital budgeting arises when a new project proposal calls for the use of existing,but currently idle,equipment or facilities.The issue is whether there is any opportunity
机会成本,利用过剩的生产能力一个常见的问题在资本预算时产生的新项目的提案呼吁利用现有的,但目前闲置,设备或设施.问题是,是否有任何机会成本将这些设施的新项目.例如,该公司将承担一个机会成本,如果转移能力的新项目排除其未来使用的其他项目或生产设施被替换迟早比本来.（1）虽然新项目可能是值得的,独立的基础上,该公司承认,其通过可外部性对现有的项目.任何这种影响应该是衡量和计算在内的新项目的净现值.方法估算机会成本是可行的,但他们只专注于企业的未来投资和很强的假设预测,投资.在这样做时,他们没有认识到选择的要素的问题,而且在某些情况下这可能导致严重的误导的估计.（2）我们的目标是在这个文件分析这些选择元素明确.我们表明,当不确定性消失,选择元素变得无足轻重,而真正的机会成本崩溃的解决方案所提供的现有方法.然而,随着不确定性的增加,这些选择元素来主宰的问题,与现有的方法可以大大低估或高估的真正机会成本.我们的本质,选择框架如下：能力的地方给企业选择生产.因此,如果一个企业转移能力,从产品到产品,它放弃选择产生立即,但它获得了一个选项来代替转移能力.真正的机会成本利用产能过剩是改变企业的价值选择.通过集中的状态依存性最佳的未来的决定,这一框架认识到机会成本不一定等于当前值的具体投资或生产决策.第一部分介绍的问题,提出了实物期权分析一般条款.现有的方法来测量的机会成本进行对比与选择方法.第二部分提出了一个具体的数值例子中,成本转移过剩产能的计算方法不同价值等变量作为投资成本,利率,商品价格的不确定性和单位生产成本.我们表明,真正的机会成本可以有很大差异在这些条件的方式,没有被捕获的方法.第三节简要总结我们的结果和结论.
这么长的一篇文章才给15分~=_=111

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