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The application of real options as a tool for decision-making in the electricity market

机译：实物期权作为电力市场决策工具的应用

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Traditional valuation methods such as Net present value (NPV) underestimate the value of projects when they face flexibility, that is to say, it does not know the actions of the managers in the face of changes in market conditions. The application of real options (OR) complements the results obtained by traditional methods, avoiding the possible underestimation of the value of investment projects. The Monte Carlo simulation used in the estimation of the OR opens the possibility of deriving the value of the option using empirical distributions on the returns of the underlying generating a series of trajectories, broadening the spectrum for the electricity market investor.
机译：诸如净现值（NPV）之类的传统估值方法低估了项目在面对灵活性时的价值，也就是说，它不知道经理面对市场条件变化的行为。实物期权（OR）的应用补充了传统方法获得的结果，避免了可能低估投资项目价值的情况。用于OR估算的蒙特卡罗模拟为利用期权潜在收益的经验分布得出期权价值的可能性提供了可能性，该收益产生了一系列轨迹，从而拓宽了电力市场投资者的投资范围。

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