Comments and observations by Professor
Mensink. In regard to the statement at page 465, in the Further Reading
section, that "Coggins and Ramezani (1998) use these techniques to show explicitly
that the value of the right to delay a decision equals Arrow and Fisher's
quasi-option value" we have received the comments (linked here) from Professor
Mensink of the University of Kiel. The Mensink (2004) paper is attached here.
Chapter 13: Irreversibility, Risk and Uncertainty