Essays on real options

Abstract

The dissertation explores the use of the real options method in solving various problems. The aim of the work is to develop a tool kit for evaluating real options, which allows for the analysis, planning, and management of investments realised in conditions of high uncertainty. The object of the research is the investment projects of enterprises, implemented in conditions of uncertainty and for different market conditions. The subject of the research is the value of alternative options for action and the impact of managerial flexibility on the value of investments. Research methods include logical and comparative analysis, systems approach, economic and mathematical modelling. The main results of the dissertation include determining the conditions of applicability of models of real options and identifying new directions in the application of the method of real options related to investment planning and risk management. The research results can be used to analyse investments characterised by a high level of risk and allow adjustments to the original strategy in different market conditions.