caa a22 4500 445296739 CHVBK 20180317142544.0 cr unu---uuuuu 170323e20100401xx s 000 0 eng 10.1007/s12243-009-0134-x doi (NATIONALLICENCE)springer-10.1007/s12243-009-0134-x A real options model for the transferability value of telecommunications licenses [Elektronische Daten] [Loretta Mastroeni, Maurizio Naldi] Licenses for telecommunications services are awarded with a number of side obligations and commitments for the licensee. Under such obligations the licensee is typically not allowed to transfer its license to another operator. Such prohibition may cause heavy inconveniences for customers, so that its removal is strongly advocated and already a reality in many cases. Its removal adds value to the original license and may then constitute a valuable option (the transferability option). A method is here proposed to assess such value, by using the framework of real options. The method is applied in a variety of settings and shows that the value of the option depends superlinearly on the reselling price and the market volatility, and linearly or sub-linearly on the expiry time of the option. Institut TELECOM and Springer-Verlag, 2009 Licensing nationallicence Regulation nationallicence Auctions nationallicence Telecommunications economics nationallicence Mastroeni Loretta Dipartimento di Economia, Università di Roma "Roma Tre”, Via Silvio D' Amico 77, 00145, Rome, Italy aut Naldi Maurizio Dipartimento di Informatica, Sistemi e Produzione, Università di Roma "Tor Vergata”, Via del Politecnico 1, 00133, Rome, Italy aut annals of telecommunications - annales des télécommunications Springer-Verlag 65/3-4(2010-04-01), 201-210 0003-4347 65:3-4<201 2010 65 12243 https://doi.org/10.1007/s12243-009-0134-x text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s12243-009-0134-x text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Mastroeni Loretta Dipartimento di Economia, Università di Roma "Roma Tre”, Via Silvio D' Amico 77, 00145, Rome, Italy aut NATIONALLICENCE 700 1- Naldi Maurizio Dipartimento di Informatica, Sistemi e Produzione, Università di Roma "Tor Vergata”, Via del Politecnico 1, 00133, Rome, Italy aut NATIONALLICENCE 773 0- annals of telecommunications - annales des télécommunications Springer-Verlag 65/3-4(2010-04-01), 201-210 0003-4347 65:3-4<201 2010 65 12243 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer