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Buying real options - Valuing uncertainty in infrastructure planning |
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| Authors: | Paulien M. Herder Jeroen de Joode Andreas Ligtvoet Sigrid Schenk Poonam Taneja |
| Affiliation: | a Faculty of Technology, Policy and Management, Delft University of Technology, Jaffalaan 5, Delft, The Netherlands b Next Generation Infrastructures Foundation, Jaffalaan 5, Delft, The Netherlands c Energy research Centre of the Netherlands, Radarweg 60, Amsterdam, The Netherlands d Rebel Group, Wijnhaven 3-O, Rotterdam, The Netherlands e Faculty of Civil Engineering and Geosciences, Delft University of Technology, Stevinweg 1, Delft, The Netherlands |
| Abstract: | For the last two decades real options thinking has been heralded as a new approach for handling uncertainty in investment decisions. However, application of the approach in infrastructure investment decision-making is negligible thus far. In this contribution we address the question: what are the barriers for the implementation of the real option approach (ROA) in practice? We focus on the experiences in several infrastructure-bound sectors: spatial planning and transport, ports, and energy.We conclude that the ROA maturity levels of these different sectors are quite different, and we ascribe these differences to the political setting, the institutional setting and the organisational flexibility of the sectors and their stakeholders. We suggest that the same issues apply to other advanced, quantitative methods. |
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