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Real Options in Infrastructure: Revisiting the Literature

机译：基础设施的实际选择：回顾文献

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摘要

Infrastructure networks are essential to support the world's economic development. Governments around the world, in both developed and developing economies, have dedicated significant shares of the public budget to infrastructure development and refurbishment. Nevertheless, there has been an increasing concern about the selection of economically more interesting projects. The large sunk investments, as well as the uncertainty surrounding these projects, require new and more sophisticated investment analysis techniques. Simultaneously, there has been a recent trend towards increasing the flexibility in these projects to allow a more progressive adaptation to changing market conditions, thus decreasing the overall risk affecting these investments. The flexibility is introduced through real options that include the possibility of change that one develops in the planning and design stage, allowing the infrastructure (and service) to cope with future uncertainty. This paper intends to provide an overview of the current literature on real options, thereby fulfilling a gap in current academic literature. It addresses the main types of options and valuation mechanisms and provides an extensive overview of their application to the infrastructure sector.
机译：基础设施网络对于支持世界经济发展至关重要。发达经济体和发展中经济体的世界各国政府都将大量公共预算用于基础设施的开发和整修。然而，人们对选择经济上更有趣的项目的担忧日益增加。沉没的大量投资以及这些项目的不确定性，需要新的和更复杂的投资分析技术。同时，最近出现了一种趋势，即增加这些项目的灵活性，以使其能够更渐进地适应不断变化的市场状况，从而降低影响这些投资的总体风险。灵活性是通过实际选项引入的，其中包括在计划和设计阶段开发变更的可能性，从而使基础架构（和服务）能够应对未来的不确定性。本文旨在提供有关实物期权的最新文献的概述，从而填补当前学术文献中的空白。它介绍了期权和估值机制的主要类型，并广泛介绍了其在基础设施领域的应用。

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