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| Real Options Valuation× | Binomiale Optionsbewertung (Cox-Ross-Rubinstein)× | |
|---|---|---|
| Fachgebiet≠ | Volkswirtschaftslehre | Finanzwirtschaft |
| Familie≠ | Process / pipeline | Regression model |
| Entstehungsjahr≠ | 1994 | 1979 |
| Urheber≠ | Stewart Myers (term); Dixit & Pindyck, Trigeorgis (theory) | John Cox, Stephen Ross & Mark Rubinstein |
| Typ≠ | Valuation of managerial flexibility under uncertainty | Discrete-time lattice option-pricing model |
| Wegweisende Quelle≠ | Dixit, A. K., & Pindyck, R. S. (1994). Investment Under Uncertainty. Princeton University Press. ISBN: 9780691034102 | Cox, J. C., Ross, S. A., & Rubinstein, M. (1979). Option pricing: A simplified approach. Journal of Financial Economics, 7(3), 229–263. DOI ↗ |
| Aliasnamen≠ | Real Options Analysis, ROV, Real Option Pricing, Investment Under Uncertainty | binomial tree model, Cox-Ross-Rubinstein model, CRR model, lattice option pricing |
| Verwandt≠ | 3 | 4 |
| Zusammenfassung≠ | Real options valuation applies the theory of financial options to real (physical, strategic) investment decisions, valuing the managerial flexibility to defer, expand, contract, switch, or abandon a project as uncertainty resolves over time. Where standard discounted-cash-flow analysis assumes a now-or-never commitment to a fixed plan, real options recognize that managers hold rights — not obligations — to act, and that this flexibility has value precisely because the future is uncertain. Using option-pricing and dynamic-programming methods, the approach values these embedded options and identifies the optimal timing and conditions for exercising them. | The binomial option pricing model, introduced by John Cox, Stephen Ross, and Mark Rubinstein in 1979, prices options by modelling the underlying as a discrete tree in which the price moves up or down by fixed factors at each step. Working backward from the option's payoff at maturity using risk-neutral probabilities, it produces a no-arbitrage price that converges to Black-Scholes as the number of steps grows — while naturally handling American early exercise, which the closed-form formula cannot. |
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