Teoria de opções reais: uma perspectiva para a valoração econômica do meio ambiente sob incerteza

With the process of growing deterioration of nature and of the natural conditions for human survival, the environmental issue is no longer a subject only of economic theory, but is also considered in other research areas, as well as in contemporary society. However, the economic valuation of natural resources through the current valuation techniques traditionally ignores a number of uncertainties in the value of these goods, thus naturally implying an underestimation of the calculated values. This can be circumvented through the use of the key concepts of the real options theory, since its logic allows one to inherently include in the assessment of natural resources and in the analysis of investments the uncertainties associated with the use of the environment or even with its preservation. Thus, the purpose of this study is to present the concepts that are the basis of the real options theory and its relation to the environment as a way to address some of the shortcomings of current techniques of environmental valuation.