nep-ppm New Economics Papers
on Project, Program and Portfolio Management
Issue of 2015‒09‒18
seven papers chosen by
Arvi Kuura
Tartu Ülikool

  1. Structural Models of Urban Regeneration in Emerging Markets-Turkey Case By M.Emre Camlibel; G. Alhanlioglu; D. Ugurlu
  2. An Integrative Conceptual Framework for Stakeholder Collaboration in Maximizing Port Industry Performance – the Case of the NY/NJ Region By Boile, Maria; Theofanis, Sotirios; Baveja, Alok
  3. A Hedged Monte Carlo Approach to Real Option Pricing By Edgardo Brigatti; Felipe Macias; Max O. Souza; Jorge P. Zubelli
  4. Analytical solution to an investment problem under uncertainties with shocks By Cl\'audia Nunes; Rita Pimentel
  5. SERU Project and Consortium Research Paper* UNDERGRADUATE RESEARCH ENGAGEMENT AT MAJOR US RESEARCH UNIVERSITIES By Douglass, John A; Zhao, Chun-Mei
  6. From Real Estate Appraisal to Economic and Financial Evaluation of Projects: the experience of Architecture Faculties By S. Copiello
  7. The role of projects economic evaluation research in a Ph.D. Course focused in regional planning and public policy By P. Bonifaci

  1. By: M.Emre Camlibel; G. Alhanlioglu; D. Ugurlu
    Abstract: Purpose - As a national movement, urban regeneration is the future of Turkish residential real estate market. In this paper, the models that let housing sector to make sustainable investments to urban regeneration are examined. In this regard, the purpose of this paper is to investigate the structural models of urban regeneration projects take place in emerging markets from the perspective of Turkish examples. It estimates various business and financial models according to varying dynamics of Turkey’s recent urban regeneration projects. The paper demonstrates decision making approaches to utilize models that will fit better under changing circumstances. Design/methodology/approach - The paper reviews the differences of urban regeneration projects in developed and emerging markets. It explores the driving forces behind urban regeneration, legal infrastructure, and practices in Turkey specifically. It draws upon recent urban regeneration examples in Turkey. The paper analyses the existing models and proposes methods to choose the proper models that match with the varying dynamics. Findings - Urban regeneration needs are different for developed and emerging markets and even for each emerging markets. There is no one-fits-all model in urban regeneration projects. Various dynamics play roles in adoption of proper business and financing model in regeneration projects. Decision making process for the model that fits the project usually lacks systematic analysis. However, urban regeneration needs in emerging markets display similar characteristic as they stem from the same dynamics. Hence urban regeneration practices and models can be adapted to the projects of other emerging markets. In planning stage of urban regeneration projects while methods, resources and financing tools are being planned and allocated, a checklist and/or a flowchart consist of some critical questions addressing the proper business models can be used as decision making tools/approaches. Research limitations/implications - This paper is essentially exploratory and raises a number of questions for further investigation. There is scope to extend the research to examine other business development models and propose advanced decision making approaches addressing complicated factors. Originality/value - This is the first paper to examine business models in urban regeneration projects and accordingly propose decision making approaches for adopting the suitable model to follow.
    Keywords: Business Model; Decision Making; Emerging Markets; Financal Model; Urban Regeneration
    JEL: R3
    Date: 2015–07–01
  2. By: Boile, Maria; Theofanis, Sotirios; Baveja, Alok
    Abstract: The paper presents a conceptual framework for developing regional partnerships and stakeholder collaborations to maximize port industry performance, improving port competitiveness and advancing the regional economy. A unique simulation tool is proposed as a core aspect of this framework. This tool will have the ability to quantify benefits of other projects, evaluate the impact of suggested policies and alternative business or operational strategies, and identify potential bottlenecks in the existing infrastructure under anticipated future conditions. In turn, all these will facilitate informed decision-making and increase the probability of consensus building. Example applications of the proposed tool in the NY/NJ region are presented. Further, two other important aspects of the framework, the outreach and educational components are discussed in this paper. The important role that academic institutions can play in developing and implementing the components of the proposed framework and a review of initiatives currently under way at Rutgers University, are also presented in this work.
    Keywords: Political Economy, Public Economics, Research and Development/Tech Change/Emerging Technologies,
  3. By: Edgardo Brigatti; Felipe Macias; Max O. Souza; Jorge P. Zubelli
    Abstract: In this work we are concerned with valuing optionalities associated to invest or to delay investment in a project when the available information provided to the manager comes from simulated data of cash flows under historical (or subjective) measure in a possibly incomplete market. Our approach is suitable also to incorporating subjective views from management or market experts and to stochastic investment costs. It is based on the Hedged Monte Carlo strategy proposed by Potters et al (2001) where options are priced simultaneously with the determination of the corresponding hedging. The approach is particularly well-suited to the evaluation of commodity related projects whereby the availability of pricing formulae is very rare, the scenario simulations are usually available only in the historical measure, and the cash flows can be highly nonlinear functions of the prices.
    Date: 2015–09
  4. By: Cl\'audia Nunes; Rita Pimentel
    Abstract: We derive the optimal investment decision in a project where both demand and investment costs are stochastic processes, eventually subject to shocks. We extend the approach used in Dixit and Pindyck (1994), chapter 6.5, to deal with two sources of uncertainty, but assuming that the underlying processes are no longer geometric Brownian diffusions but rather jump diffusion processes. For the class of isoelastic functions that we address in this paper, it is still possible to derive a closed expression for the value of the firm. We prove formally that the result we get is indeed the solution of the optimization problem.
    Date: 2015–09
  5. By: Douglass, John A; Zhao, Chun-Mei
    Keywords: Education
    Date: 2013–11–01
  6. By: S. Copiello
    Abstract: Most of Italian Universities are public-sector bodies, recently entitled to become private foundations. They are characterized by regulatory autonomy, teaching autonomy and financial one. The principle of autonomy in teaching means that Universities may decide the distinguishing features and contents of study courses offered to students. Nevertheless, formative paths designed by each University must meet certain criteria, expressed by ministerial decrees, in terms of objectives to be pursued providing a set of compulsory training activities.
    JEL: R3
    Date: 2014–12–01
  7. By: P. Bonifaci
    Abstract: This short essay try to discuss the key issues about doctoral research in real estate appraisal within a Ph.D. Course in regional planning and public policy, which is held at IUAV University of Venice.
    JEL: R3
    Date: 2014–12–01

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