Resumen

MILANESI, Gastón Silverio. Flexibilidad estratégica, teoría de opciones reales y convergencia con el valor actual neto empleando probabilidades "del mundo real" y coeficientes equivalentes ciertos. SaberEs [online]. 2011, vol.3, n.2, pp.00-00. ISSN 1852-4418.

The paper presents a value model for investment decision applying Real Options Theory. It proposes the use of "real world" probabilities instead of the classic certain equivalent coefficients. The method describes and traduces the risk anatomy corresponding to the strategic flexibility "with a higher degree of intuition".  Moreover, the coefficients estimation don´t use the risk free rate. Instead it uses estimation of rates trough classic equilibrium models, higher order stochastic moments models or simple ad-hoc adjust over the rate. Finally, it proves the convergence between the Real Options Theory and the Net Present Value.

Palabras clave : Valuation; Real Options; Binomial Lattice; Real World" Probability.

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