@article{923583,
      recid = {923583},
      author = {Carmichael, David G.},
      title = {Future-Proofing--Valuing Adaptability, Flexibility,  Convertibility and Options : A Cross-Disciplinary  Approach.},
      publisher = {Springer,},
      address = {Singapore :},
      pages = {1 online resource (180 pages).},
      year = {2020},
      abstract = {This book presents a unifying approach to the valuation of  incorporated flexibility. Flexibility, in general terms,  recognizes future uncertainty and refers to being proactive  now so as to secure the future possibility of being able to  adapt, convert, or generally introduce a change, if it is  worthwhile to do so at the time. That is, deliberate  provision is made now in order to have the ability (but not  the obligation) to adapt, convert, or change in the future;  this change is discretionary, and depends on future  circumstances. The applications demonstrated here cover  engineering, building, housing, finance, economics,  contracts, general management, and project management. The  examples are as follows: designing/building features in  infrastructure (including buildings and houses) such that  the infrastructure can be adapted in response to future  changes in climate, demographics, or usage; incorporating  features in contracts such that the terms and conditions  can be changed in response to changing situations;  purchasing rights now such that options exist to buy or  sell an asset in the future; structuring a financial  investment agreement so that its terms and conditions can  be changed in the future; structuring project payments to  provide future guarantees of revenue if needed; and  designing an operation such that it can be expanded,  contracted, abandoned, switched, changed, delayed, or  deferred in the future. The level of required mathematics  is kept at a very modest level: an undergraduate knowledge  of algebra and probability is all that is required.  Numerical examples, accompanied by readily understandable  diagrams, illustrate the methods outlined. The formulations  are kept straightforward and accessible for practitioners  and academics alike.},
      url = {http://library.usi.edu/record/923583},
}