In this thesis we deal with three important characteristics of real estate investment projects: the irreversibility of the incurred costs, the possibility of a flexible approach to planning and managing uncertainty through the ability of identifying investment opportunities and adapting to changes in the market. Dynamic evaluation methods do not take into account the fact that the pattern of risk in the investment project will change over time, nor it takes into account the flexibility provided by the market with its fluctuations. Between the beginning and the end of the investment project there is so many different possible outcomes, which traditional methods do not capture. In response to the lack of knowledge about decision making under conditions of uncertainty of the future and the associated risks, we examined the theory of real options, which derives from the well-known financial options on the financial markets. Dynamic evaluation model was in this thesis upgraded with different models of real options and by each we got the additional option premium, which proves that the investment project has under the current assumptions the potential and opportunity to maximize benefits. We have found that it is not enough that the present value of future cash flows is positive, but it should exceed the cost of the project for an amount equal to the value of open-ended investment options. We found out that the methodological bases that provide real options basically alter our fundamental views on risk and evaluation.
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