{"id":"https://openalex.org/W2891580287","doi":"https://doi.org/10.1007/s10479-019-03273-4","title":"Model risk in real option valuation","display_name":"Model risk in real option valuation","publication_year":2019,"publication_date":"2019-05-17","ids":{"openalex":"https://openalex.org/W2891580287","doi":"https://doi.org/10.1007/s10479-019-03273-4","mag":"2891580287"},"language":"en","primary_location":{"id":"doi:10.1007/s10479-019-03273-4","is_oa":true,"landing_page_url":"https://doi.org/10.1007/s10479-019-03273-4","pdf_url":"https://link.springer.com/content/pdf/10.1007/s10479-019-03273-4.pdf","source":{"id":"https://openalex.org/S57667410","display_name":"Annals of Operations Research","issn_l":"0254-5330","issn":["0254-5330","1572-9338"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Annals of Operations Research","raw_type":"journal-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://link.springer.com/content/pdf/10.1007/s10479-019-03273-4.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5078084812","display_name":"Carol Alexander","orcid":"https://orcid.org/0000-0003-1247-0184"},"institutions":[{"id":"https://openalex.org/I162608824","display_name":"University of Sussex","ror":"https://ror.org/00ayhx656","country_code":"GB","type":"education","lineage":["https://openalex.org/I162608824"]}],"countries":["GB"],"is_corresponding":true,"raw_author_name":"Carol Alexander","raw_affiliation_strings":["University of Sussex, Falmer, UK"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Sussex, Falmer, UK","institution_ids":["https://openalex.org/I162608824"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5100329923","display_name":"Xi Chen","orcid":"https://orcid.org/0000-0002-2768-9683"},"institutions":[{"id":"https://openalex.org/I162608824","display_name":"University of Sussex","ror":"https://ror.org/00ayhx656","country_code":"GB","type":"education","lineage":["https://openalex.org/I162608824"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Xi Chen","raw_affiliation_strings":["University of Sussex, Falmer, UK"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Sussex, Falmer, UK","institution_ids":["https://openalex.org/I162608824"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5078084812"],"corresponding_institution_ids":["https://openalex.org/I162608824"],"apc_list":{"value":2690,"currency":"USD","value_usd":2690},"apc_paid":{"value":2690,"currency":"USD","value_usd":2690},"fwci":3.1789,"has_fulltext":true,"cited_by_count":21,"citation_normalized_percentile":{"value":0.91527622,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"299","issue":"1-2","first_page":"1025","last_page":"1056"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":0.9998000264167786,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":0.9998000264167786,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.9901999831199646,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10471","display_name":"Climate Change Policy and Economics","score":0.9674000144004822,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/valuation","display_name":"Valuation (finance)","score":0.7478476762771606},{"id":"https://openalex.org/keywords/ceteris-paribus","display_name":"Ceteris paribus","score":0.7218806743621826},{"id":"https://openalex.org/keywords/volatility","display_name":"Volatility (finance)","score":0.6031306385993958},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.5784400105476379},{"id":"https://openalex.org/keywords/divestment","display_name":"Divestment","score":0.5398786067962646},{"id":"https://openalex.org/keywords/option-value","display_name":"Option value","score":0.533431887626648},{"id":"https://openalex.org/keywords/valuation-of-options","display_name":"Valuation of options","score":0.411526083946228},{"id":"https://openalex.org/keywords/microeconomics","display_name":"Microeconomics","score":0.40599900484085083},{"id":"https://openalex.org/keywords/financial-economics","display_name":"Financial economics","score":0.37539583444595337},{"id":"https://openalex.org/keywords/actuarial-science","display_name":"Actuarial science","score":0.36505648493766785},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.17156103253364563}],"concepts":[{"id":"https://openalex.org/C186027771","wikidata":"https://www.wikidata.org/wiki/Q4008379","display_name":"Valuation (finance)","level":2,"score":0.7478476762771606},{"id":"https://openalex.org/C138090074","wikidata":"https://www.wikidata.org/wiki/Q572079","display_name":"Ceteris paribus","level":2,"score":0.7218806743621826},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.6031306385993958},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5784400105476379},{"id":"https://openalex.org/C181190989","wikidata":"https://www.wikidata.org/wiki/Q1200733","display_name":"Divestment","level":2,"score":0.5398786067962646},{"id":"https://openalex.org/C2780973918","wikidata":"https://www.wikidata.org/wiki/Q7099016","display_name":"Option value","level":3,"score":0.533431887626648},{"id":"https://openalex.org/C194483076","wikidata":"https://www.wikidata.org/wiki/Q380382","display_name":"Valuation of options","level":2,"score":0.411526083946228},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.40599900484085083},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.37539583444595337},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.36505648493766785},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.17156103253364563},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1007/s10479-019-03273-4","is_oa":true,"landing_page_url":"https://doi.org/10.1007/s10479-019-03273-4","pdf_url":"https://link.springer.com/content/pdf/10.1007/s10479-019-03273-4.pdf","source":{"id":"https://openalex.org/S57667410","display_name":"Annals of Operations Research","issn_l":"0254-5330","issn":["0254-5330","1572-9338"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Annals of Operations Research","raw_type":"journal-article"},{"id":"pmh:oai:sro.sussex.ac.uk:84050","is_oa":true,"landing_page_url":"http://sro.sussex.ac.uk/id/eprint/84050/3/Alexander-Chen2019_Article_ModelRiskInRealOptionValuation.pdf","pdf_url":"http://sro.sussex.ac.uk/id/eprint/84050/3/Alexander-Chen2019_Article_ModelRiskInRealOptionValuation.pdf","source":{"id":"https://openalex.org/S4306400129","display_name":"Sussex Research Online (University of Sussex)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I162608824","host_organization_name":"University of Sussex","host_organization_lineage":["https://openalex.org/I162608824"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Article"},{"id":"pmh:oai:RePEc:spr:annopr:v:299:y:2021:i:1:d:10.1007_s10479-019-03273-4","is_oa":false,"landing_page_url":"http://link.springer.com/10.1007/s10479-019-03273-4","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"doi:10.1007/s10479-019-03273-4","is_oa":true,"landing_page_url":"https://doi.org/10.1007/s10479-019-03273-4","pdf_url":"https://link.springer.com/content/pdf/10.1007/s10479-019-03273-4.pdf","source":{"id":"https://openalex.org/S57667410","display_name":"Annals of Operations Research","issn_l":"0254-5330","issn":["0254-5330","1572-9338"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310319900","host_organization_name":"Springer Science+Business Media","host_organization_lineage":["https://openalex.org/P4310319900","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Science+Business Media","Springer Nature"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Annals of Operations Research","raw_type":"journal-article"},"sustainable_development_goals":[{"display_name":"Peace, Justice and strong institutions","id":"https://metadata.un.org/sdg/16","score":0.47999998927116394}],"awards":[],"funders":[{"id":"https://openalex.org/F4320320325","display_name":"University of Sussex","ror":"https://ror.org/00ayhx656"}],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2891580287.pdf","grobid_xml":"https://content.openalex.org/works/W2891580287.grobid-xml"},"referenced_works_count":76,"referenced_works":["https://openalex.org/W208696","https://openalex.org/W201408140","https://openalex.org/W800586602","https://openalex.org/W1548953477","https://openalex.org/W1559694472","https://openalex.org/W1590482807","https://openalex.org/W1593163246","https://openalex.org/W1963631881","https://openalex.org/W1968124343","https://openalex.org/W1971098512","https://openalex.org/W1978032414","https://openalex.org/W1978219922","https://openalex.org/W1983972053","https://openalex.org/W1994191507","https://openalex.org/W1997992086","https://openalex.org/W2000578291","https://openalex.org/W2000751189","https://openalex.org/W2000856734","https://openalex.org/W2005158847","https://openalex.org/W2039699990","https://openalex.org/W2045856623","https://openalex.org/W2060615915","https://openalex.org/W2068946681","https://openalex.org/W2070454965","https://openalex.org/W2072810788","https://openalex.org/W2073969069","https://openalex.org/W2074416618","https://openalex.org/W2077452008","https://openalex.org/W2081986758","https://openalex.org/W2082086737","https://openalex.org/W2086452391","https://openalex.org/W2087337201","https://openalex.org/W2091683391","https://openalex.org/W2092220172","https://openalex.org/W2093093999","https://openalex.org/W2099601146","https://openalex.org/W2107326776","https://openalex.org/W2119184451","https://openalex.org/W2121334610","https://openalex.org/W2124064617","https://openalex.org/W2128184113","https://openalex.org/W2130798155","https://openalex.org/W2141139094","https://openalex.org/W2141209339","https://openalex.org/W2146612430","https://openalex.org/W2153154424","https://openalex.org/W2155664708","https://openalex.org/W2157288643","https://openalex.org/W2162206904","https://openalex.org/W2165201397","https://openalex.org/W2167821110","https://openalex.org/W2299983902","https://openalex.org/W2339930947","https://openalex.org/W2785914079","https://openalex.org/W2962935452","https://openalex.org/W2967361648","https://openalex.org/W3121348809","https://openalex.org/W3121479446","https://openalex.org/W3121906526","https://openalex.org/W3122394946","https://openalex.org/W3122637835","https://openalex.org/W3123337710","https://openalex.org/W3123821384","https://openalex.org/W3124347581","https://openalex.org/W3124944684","https://openalex.org/W3125095450","https://openalex.org/W3125446229","https://openalex.org/W3125705731","https://openalex.org/W3125963373","https://openalex.org/W3146608793","https://openalex.org/W4230507407","https://openalex.org/W4302956356","https://openalex.org/W4392997138","https://openalex.org/W6672436328","https://openalex.org/W6766266639","https://openalex.org/W7034646228"],"related_works":["https://openalex.org/W2378999086","https://openalex.org/W2526907534","https://openalex.org/W2237254267","https://openalex.org/W1486274548","https://openalex.org/W2352873859","https://openalex.org/W2386789574","https://openalex.org/W2032107654","https://openalex.org/W3084226701","https://openalex.org/W2087761424","https://openalex.org/W1486505088"],"abstract_inverted_index":{"Abstract":[0],"We":[1,32],"introduce":[2],"a":[3,14],"general":[4],"decision-tree":[5],"framework":[6],"to":[7,11,59,82,139],"value":[8,44,101],"an":[9],"option":[10,29,36,89],"invest/divest":[12],"in":[13,22,141],"project,":[15],"focusing":[16],"on":[17,39,122],"the":[18,23,40,48,53,56,62,95,98,123,127,135,142],"model":[19,77],"risk":[20,64,124],"inherent":[21],"assumptions":[24],"made":[25],"by":[26],"standard":[27],"real":[28,35,88],"valuation":[30],"methods.":[31],"examine":[33],"how":[34,67,129],"values":[37,90],"depend":[38],"dynamics":[41],"of":[42,50,55,97,126,137],"project":[43,57,100],"and":[45,72,102,134],"investment":[46,105],"costs,":[47],"frequency":[49],"exercise":[51],"opportunities,":[52],"size":[54],"relative":[58],"initial":[60],"wealth,":[61,133],"investor\u2019s":[63],"tolerance":[65,125],"(and":[66],"it":[68],"changes":[69,131],"with":[70,94,104,132],"wealth)":[71],"several":[73],"other":[74],"choices":[75],"about":[76],"structure.":[78],"For":[79],"instance,":[80],"contrary":[81],"stylised":[83],"facts":[84],"from":[85],"previous":[86],"literature,":[87],"can":[91,110],"actually":[92],"decrease":[93],"volatility":[96],"underlying":[99],"increase":[103],"costs.":[106],"And":[107],"large":[108],"projects":[109,118],"be":[111],"more":[112],"or":[113],"less":[114],"attractive":[115],"than":[116],"small":[117],"(ceteris":[119],"paribus)":[120],"depending":[121],"investor,":[128],"this":[130],"structure":[136],"costs":[138],"invest":[140],"project.":[143]},"counts_by_year":[{"year":2025,"cited_by_count":3},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":4},{"year":2022,"cited_by_count":5},{"year":2021,"cited_by_count":6},{"year":2020,"cited_by_count":1},{"year":2013,"cited_by_count":1}],"updated_date":"2026-08-28T12:50:07.497085","created_date":"2025-10-10T00:00:00"}