Status Updates From Investment under Uncertainty

tldr (so far); investments that are 1) non-reversible, 2) have some leeway in timing, and 3) have any uncertainty whatsoever in any way, shape, or form have an inherent opportunity cost of investing that complicates the “invest if NPV > 0” story in neoclassical models. Analogous to financial call options, where firms’ flexibility for investments is inherently valuable. Also reviews stochastic calculus.

The book is old yet still very informative. It's great for first introduction to Real Options, and one gets to pick up stochastic calculus and dynamic programming along the way too