Time to Build, Option Value, and Investment Decisions

Many investment projects have the following characteristics: (i) spending decisions and cash outlays occur sequentially over time, (ii) there is a maximum rate at which outlays and construction can proceed -- it takes "time to build," and (iii) the project yields no cash return until it is actually诸多投资项目具备如下特征：(i) 支出决策与现金支出随时间依次发生；(ii) 现金支出与工程建设的推进存在最大速率限制——即存在“建设耗时（time to build）”；(iii) 该项目在实际完成前不会产生任何现金回报，直至其实际