Resumen

CALLE FERNANDEZ, ANA MARÍA  y  TAMAYO BUSTAMANTE, VÍCTOR MANUEL. DECISIONES DE INVERSIÓN A TRAVÉS DE OPCIONES REALES. estud.gerenc. [online]. 2009, vol.25, n.111, pp.107-126. ISSN 0123-5923.

Investment decisions through real options Given the limitations presented by the traditional investment valuation methods and their difficulty when it comes to adapt to changing environments, the real options method is explored. It takes into account issues such as intangible factors and operative flexibility, that could change the decision to realize a project or not. This document presents a general outlook of the concepts, models, typology and practical applications of the real options model. Particularly, an example of real options is applied to the construction sector. The main conclusion of the document is that the methods based on real options are more adequate to evaluate projects given their flexibility and inclusion of intangible issues, however it is highlighted that success in valuation depends heavily on the assumptions of the model and the available information.

Palabras clave : Real options; valuation of investment projects; construction sector.

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