Over 220 links!
Last update: August 12th, 2004 .
In January/2004, ALL the links were checked out. I removed the links that were not working.

The Real Options Selected Links webpage is divided into sections in order to ease the navigation.
If you want to be listed here, please let me know.

A) Real Options Portals

B) Courses Materials, Academic Papers to Download, and Professors with Interest in Real Options

C) Online Real Options Papers

D) Consulting Firms Applying Real Options

E) Events, Conferences, and Managerial Courses on Real Options

F) Others Sites and Miscellaneous on Real Options

A) Real Options Portals

1. Real Options in Petroleum.
   The first website on real options (1995) created by Marco A.G. Dias at PUC-Rio. With many online materials, spreadsheets, presentations to download, thematic sections, software, and much more!
2. real-options.org - Real Options in Theory and Practice .
   A very nice new portal by Prof. Philipp N. Baecker, from European Business School - Finance Group (Germany). With several real options resources, papers to download, links, and much more!
3. ROG's Annual International Conference on Real Options
   The most important annual event on real options, organized by Real Options Group. The great collection of important papers to download from current and past conferences makes this website one of the main reference for real options researchers and practitioners. In practice it is a real options portal.
   The current conference is the 8^th Annual International Conference on Real Options - Montreal, Canada, June 2004.
4. Real-options.com: Home page of the book "Real Options: Managing Strategic Investment in an Uncertain World" By Amram & Kulatilaka, with informations, bibliography, cases studies, FAQs (frequently asked questions), links, conferences, and more. This important website is online again.
5. Real Options Website at Germany.
   Nice portal by Prof. Ulrich Hommel, from WHU-Koblenz. With many real options resources.
6. Real Options & Beyond.
   Prof. Luenberg's Real Options Portal from Stanford University, with several real options materials.
   See also his Investment Science Website. Many interesting articles in the "Investment Science Newsletters", the section How To's, the FAQs, and the page of resources and download case studies and the Excel template LatticeMaker.
7. Real Options Analysis Center.
   Cooperative research between National Renewable Energy Laboratory (NREL) and the Colorado School of Mines. With papers and presentations to download, very nice online calculator and more. Great service.
8. Alexander Triantis' Real Options Portal.
   With several real options facilities, such as the Real Options Database with over 300 searchable published references about real options, teching resources, links and other materials. See also this alternative link.
9. Prof. Neufville's Website
   From MIT. See his Course on Engineering Systems Analysis for Design, with many real options spreadsheets, class notes, etc. Download also his real options papers and one advised award winning real options dissertation.
   Check-out this alternative link for the course webpage
10. Gonzalo Cortazar's Website.
    Active real options researcher from PUC-Chile. With many important papers to download, including some papers from his frequent partner Schwartz. See also his courses and research projects.
11. Eurico Pereira Lopes' Real Options Website.
    Professor from both Universidade Técnica de Lisboa and Universidade Lusíada de Lisboa, he is the author of the first book on real options in Portuguese.
    See his book details (table of contents, introduction, press release, comments of Portuguese managers, etc.), and real options materials to download. Site in Portuguese (English version under preparation).
12. Real Options Website at Denmark.
    By Bason & Petersen. Supporting the project Real Options Approaches in Venture Capital Finance. With articles to download and more.

B) Courses Materials, Academic Papers to Download, and Professors with Interest in Real Options

1. 8^th Annual International Conference on Real Options - Montreal, Canada, June 17-19, 2004. Keynote Address: Stewart Myers (MIT).
   The most important event on real options, organized by Real Options Group.
   See also the programs, abstracts, several papers to download, and more from the past conferences:
   The 7^th Annual International Conference on Real Options - Washington (USA);
   The 6^th (2002) Annual International Conference on Real Options - Cyprus;
   The 5^th (2001) Annual International Conference on Real Options - Los Angeles (USA);
   The 4^th Annual International Conference on Real Options - Cambridge (UK); and
   The 3^rd Annual International Conference on Real Options - The Netherlands.
2. Real Options Course at University of Texas, Austin.
   Very nice course by Professor Luis Brandão. With many real options materials to download.
3. Prof. Robert Pindyck's Homepage at MIT.
   Top-researcher in real options and co-author (with Prof. Dixit) of the seminal book Investment under Uncertainty.
   With real options papers to download, class notes on real options, and more!
4. Professor Avinash Dixit's Homepage at Princeton University.
   Top-researcher in real options and co-author (with Prof. Pindyck) of the seminal book Investment under Uncertainty. See recent papers, some of them available to download.
5. Prof. R.L. McDonald Research page.
   See the paper (available to download): "Real Options and Rules of Thumb in Capital Budgeting".
6. Prof. James L. Smith Webpage.
   A pioneer researcher in real options in petroleum. In his research page, download the paper: "Drill Again.pdf" among others.
7. Prof. Bernhard Pellens' Real Options Website (Germany).
   Download an Excel file with binomial option valuation model for many real options, read the online text, etc.
8. Prof. Kulatilaka's Downloadable Real Options Working Papers Webpage.
   High level papers in light writting style, at Boston University. See also the presentations page.
9. William Perraudin Website.
   With research papers and other excellent materials, including option-games.
   See the teaching material page
10. Gordon Sick's Website.
    From University of Calgary. With papers and other real options material to download.
    See especially his capital budgeting course, with many classnotes and spreadsheets to download. See also his research webpage with papers to download, and his papers and spreadsheets from Columbia Real Options Conference.
11. Prof. Lenos Trigeorgis' Webpage.
    Leader in real options publications and conferences. See his complete list of publications. From University of Cyprus.
12. Petter Bjerksund Webpage.
    Norwegian professor with long tradition on real options. From Norwegian School of Economics and Business Administration, Bergen.
    Download some of his papers. See the alternative link at the Department of Finance website
13. Prof. Harvey's Website.
    Outstanding website at Duke University. See his class notes from real options course (2000). See also the 1997 course Global Financial Management, and the webpage on economic analysis of projects, both with important part about real options.
14. Prof. James Alleman's Website.
    He is the co-editor of the book The New Investment Theory of Real Options and Its Implications for Telecommunications Economics. See his Presentations on Telecommunications and Real Options and the research webpage with real options papers to download.
15. Luis Brandão's Website.
    From PUC-Rio. Previously at University of Texas at Austin teaching real options. Download many real options papers and other materials. (in Portuguese with many papers in English). See also the page of links.
16. Jim Dyer's Website.
    From University of Texas at Austin. See his course Valuation of Real Options. Excellent course with a lot of materials (class notes, spreadsheets, and presentations) to download.
17. Prof. Han T.J. Smit's Website.
    From Erasmus University Rotterdam. A pioneer researcher on option-games.
18. Investment under Uncertainty.
    Excellent course given at Tilburg University by Profs. Kort, Pawlina, and Thijssen. With many materials to download.
19. Prof. Peter Kort's Homepage from Tilburg University.
    Active real options and option-games researcher, with focus on technology.
    See also this alternative link.
20. Grzegorz Pawlina's Webpage.
    PhD student from Tilburg University, with papers to download on real options and option-games.
21. Prof. Kuno Huisman's Website.
    With papers on real options and option-games to download.
22. Prof. Jacco Thijssen's Webpage.
    From Trinity College Dublin. With interesting papers on real options and option-games to download.
23. Homepage of Pim van Vliet, a new Ph.D. from Erasmus University Rotterdam with papers ans M.Sc. thesis on real options. See also his research webpage.
24. Prof. Damodaran's Website.
    At New York University. See real options Excel (PC and Mac) spreadsheets, papers and many others corporate finance materials.
    Alternative link: click here.
25. Alessandro L. Castro MSc's Dissertation page. Real options in Electricity (in Portuguese). See also his page of links
26. Paulo J. Pereira's Website at Portugal.
    First Real Options Website in Portugal. With papers, presentations, spreadsheets and more (English and forthcoming in Portuguese).
27. Panel on Real Options in IT Investments.
    Panel Chair: Paul Tallon, Boston College. With many presentations and video (.ram, Real Player format) files to download on this subject from the panel presentations and debate. Sponsored by Association for Information Systems and Baylor University.
28. Optimization Model for Capital Investment Decisions using Option Pricing.
    With presentation to download, links to online articles and more. Presented by Prof. John Birge. From e-optimization.com.
29. SoftwareEconomics.org.
    Real options in software decisions! Non-profit organization headed by Prof. Sullivan, from University of Virginia. Papers on real options available to download and more.
    See other materials: working papers and online article
    See also Prof. Kevin J. Sullivan's Webpage.
30. Prof. Prasad Chalasani's Publications Page.
    With papers to download including real options.
31. CAP @ Columbia
    By P. Johnson and M. Mauboussin from Columbia University, with downloadable papers, including real options approach to equity valuation, in the June 1999 article: Get Real: Using Real Options in Security Analysis.
32. Prof. Ongkrutaraksa's Website .
    See his collection of academic papers, with some papers on real options.
33. Prof. Rubinstein's Real Options webpage
    With a summary of real options. See also his page of links.
34. Cambridge University - Real Options Research.
35. Prof. Marcel Boyler's Homepage. From CIRANO, with many real options and option-games papers to download.
36. Prof. Carliss Baldwin's Homepage. At Harvard Business School.
    See her page on the book Design Rules: The Power of Modularity, with Kim Clark, using options concepts, with many related papers to download.
    See also this alternative link.
37. Prof. G.A. Davis' Webpage.
    From Colorado School of Mines, with interest on real options. There are some real options papers to download.
38. Pauli Murto's Webpage.
    Researcher from Helsinki University of Technology , with interest on real options and option games. See his research page with real options papers to download.
39. Prof. Jussi Keppo's Webpage.
    From University of Michigan, with interest on real options and option games. With real options papers to download.
    Download also his paper "A Game Model of Irreversible Investment under Uncertainty" published by International Game Theory Review.
40. Prof. Michel Benaroch's Website.
    See some real options papers to download in his publications page.
41. Prof. Cherian's Webpage.
    From Boston University. With downloadable papers including real options.
42. Prof. Jianjun Miao's Webpage.
    From Boston University. With downloadable papers including real options (see: "Risk, Uncertainty, and Option Exercise" (Knightian Uncertainty in Real Options!) and "Irreversible Investment with Regime Shifts".
    See also his page of links
43. Glenn S. Daily's Bookstore.
    From his website on insurance. Download the paper: "Should You Convert to a Roth IRA? A Real Options Perspective"
44. Prof. Shenoy Webpapge.
    with research papers to download including working paper on real options and influence diagrams.
45. International Investment - Value Creation and Appraisal - A Real Option Approach. Outline of the book on real options applied to multinational investments. By Prof. Adrian Buckley.
46. Riza Demirer Homepage. From Southern Illinois University Edwardsville. With downloadable papers including real options.
47. Analyticalq by Anne Ku.
    Nice site with her online doctoral thesis at London Business School "Modelling Uncertainty in Electricity Capacity Planning"; and a book outline on flexibility. See also her energy articles webpage
48. Modeling, Trading and Risk in the Market. Canadian collaboration University-Industry. See also the The Mathematical and Computational Finance Laboratory at University of Calgary.
49. CRNEC Research Working Papers, with papers to download including real options.
50. CERNA, Ecole des Mines de Paris. See the research topic Real Options with papers and presentations to download.
51. Prof. Alain Galli's Homepage, from Ecole des Mines de Paris. With papers and presentations to download including real options.
52. Prof. Margareth Armstrong's Homepage, from Ecole des Mines de Paris. With papers and presentations to download including real options.
53. Jim MacKay's homepage with Decision Analysis Course. Excel files including one of real options. He teaches in Texaco and in AAPG (Geologist Association) courses.

54. Clean Power Research.
    In the "Risk Management" section, download the article: Investments Under Uncertainty: State Prices in Incomplete Markets
55. Prof. Nicolas P.B. Bollen website .
    From Vanderbilt University. Download the paper Real Options and Product Life Cycles.
56. Prof. Alfons Balmann's Homepage.
    Download the presentation: Analyzing Real Options with Genetic Algorithms.

See also the abstract.
57. Philipp Baecker's Homepage.
    Researcher on real options from Germany.
58. David Mauer's Homepage.
    Researcher on real options.
59. Prof. Hemantha Herath's Webpage.
    From University of Northern British Columbia. Real Options research interest with focus on R&D and energy applications. See his real options course.
60. Advanced Corporate Finance Course.
    By Prof. Mark Shackleton, from Lancaster University, with real options materials to download.
61. Dr Rafal Wojakowski's Website.
    Researcher on real options and option games from Lancaster University.
62. Dissertations at Helsinki University of Technology.
    Download the following real options M.Sc. dissertations:
    "Real Options in Telecommunications Capacity Markets" by Janne Lassila (2001), and
    "Real Options in Pharmaceutical R&D" by Jaakko Olli (2000).
63. Jan Van Mieghem's Research.
    With papers related to real options/investment under uncertainty to download.
64. Course of Real Options.
    From Indiana University.
65. Working Papers at UCLA.
    Including papers to download on real options by Profs. Schwartz, Moon, Zozaya-Gorostiza, Bernardo and Chowdhry.
66. Prof. Pamplona's Website.
    From Escola Federal de Engenharia de Itajubá (Brazil). With many papers and presentations on real options to download.
    See also this page with spreadsheets and other materials to download. In Portuguese.
67. Prof. Jacob S. Sagi's Homepage.
    From University of California at Berkely, with interest in real options. With real options papers to download.
68. Prof. Peter Tufano's Homepage.
    From Harvard Business School, with interest in real options.
    See also this alternative link.
69. Kallberg & Laurin MSc Dissertation page Real options in R&D: A Case Study at Pharmacia & Upjohn
70. Prof. Zhao's Homepage.
    With papers and presentations to download including real options with focus in environmental economics.
71. Prof. Moshe A. Milevsky's Website.
    With papers on real options applied to insurance.
72. Papers from Real Estate Research Institute.
    See Uncertainty and the Rate of Commercial Real Estate Development (WP35), Real Options and the Timing of New Investment: Evidence from Real Estate Development (WP84), and others.
73. Prof. J.E. Zhang's Website.
    With in terest in real options. See his working papers available to download, including real options.
74. Prof. Alexander Bukhvalov's Website.
    From St.Petersburg State University. See his course Investment under Uncertainty and Real Options.
75. Real Options and Bandwidth Markets: Dark Fiber Valuation.
    From IBM, Zurich Research Lab. Download this and others papers by Kenyon and Cheliotis.
76. Shinichiro Takizawa's Website: Real Options Approach and Game Theory.
    A nice new addition. Option-Games papers available to download. Papers in English. Website versions in English and Japanese.
77. Professor Gullermo L. Dumrauf's Website.
    From Argentina (Professor from CEMA and business consultant), with research on real options. Download papers on real options, spreadsheets and more (in Spanish).
78. Lobbying as Investment under Uncertainty.
    Download the paper by Mattias K. Polborn.
79. Managing Projects Flexibly: An Application of Real-Option Theory.
    Article abstract by M.E. Slade.
80. The Interaction Between Quality Control and Production.
    Download this real options article by J. Sagi from University of British Columbia.
81. Project Assignment Rights and Incentives for Eliciting Ideas.
    Real options article by Arya, Glover & Routledge (abstract and file to download).
82. Prof. Bob Jensen's Threads on Real Options. With links, discussion, and more.
    See also the Bob Jensen's Website. From Trinity University.
    
83. The Expected return and exercise time of Merton-style Real Options. By Shackleton and Wojakowski from Lancaster University (WP2000/008). Read the abstract and download the paper.
    See also other real options papers to download: WP 2002/13, WP 2000/006 and WP 99/005.
84. Robert Novy-Marx's Homepage.
    Doctoral candidate with real options papers to download. From University of California, Berkeley.
85. Prof. Berk's Real Options Course.
    From University of California, Berkeley. See also the webpage on lecture notes with many real options material to download.
    See the Prof. Berk's Website with real options papers to download.
86. Prof. Bart Lambrecht Homepage.
    From University of Cambridge. With a lot of important papers on real options and option-games.
87. News About News: Information Arrival and Irreversible Investment
    NBER papers to download by Drazen and Sakellaris.
88. Real Options and the Costs of the Local Telecommunications Network.
    By Nicholas Economides from New York University. Paper to download.
89. Fixed Investment and Capital Flows - A Real Options Approach.
    By Chan-Lau & Clark (IMF publication). Article available to download.
90. Competence, Governance, and Entrepreneurship.
    Papers (including real options) to download from the 1998 DRUID Summer Conference.
91. Uncertainty and Real Options:Investment and Development of Fishing Resources.
    By Arantza Murillas, from Universidad del Pais Vasco, Spain. Download the paper.
    See also this link.
92. What Do We Know About Investment Under Uncertainty?.
    Download the paper by Carruth, Dickerson, and Henley, from Kent University.
93. Expandability, Reversibility, and Optimal Capacity Choice.
    NBER Working Paper to download by Dixit & Pindyck.
94. Prof. Anthony F. Herbst's Website. From University of Texas at El Paso.
    Author of books on corporate finance (e.g., the recent "Capital Asset Investment - Strategy, Tactics and Tools", with chapter on real options.
    Download his paper "Valuation of a Startup Business with Pending Patent Using Real Options" with Barry Lin
95. Value Sweep. Host of this interesting book by the Martha Amram, co-author (with Kulatilaka) of "Real Options". With several resources like spreadsheets and more.
    See the section on real options.
96. Osservatorio Opzioni Reali.
    Real Options website from Universita Luigi Bocconi. Several real options resources (in Italian).
97. Eindhoven University of Technology Working Papers.
    Click in Working papers, year 2000, and download papers on Real Options applied to Research and Development projects by Profs. Lint and Pennings.
98. Vicky Henderson's Homepage.
    Researcher from University of Oxford (previously with University of Warwick), with interest in real options. See her page of papers, including real options.
    Vicky is moving to Princeton University. So, try in near future her next homepage.
99. Prof. Didier Cossin's Website.
    From HEC, University of Lausanne, with interest in real options.
    Download real options papers. See the page on Industry Applications, and more.
100. Real Options in Material Procurement Contracts.
     Research by Ph.D. student Francis Ng at Stanford University. Download papers and presentations.
101. Combining Financial Double Call Options with Real Options for Early Curtailment of Electricity Service.
     Download this paper by Shmuel S. Oren.
102. Prof. Paul Childs Website.
     See the research section and download real options papers. See also the page of courses.
103. Neural Networks, Stochastic Dynamic Programming and a Heuristic for Valuing Flexible Manufacturing Systems.
     Download this real options article using non-conventional methods, by Markus Feurstein and Martin Natter.
104. The Consequences of Uncertainty about Global Warming and of Irreversibility on Optimal Intertemporal CO2 Emission Policy.
     Download the paper by Thomas Dangl. See this more general link.
105. Real options course by Prof. André Farber .
     From Université Libre de Bruxelles. With material to download.
106. Research project: Automatic Generation of Financial Modeling Code. .
     Including section of real options. Project headed by Prof. Oliver Bunnin from Dept. of Computing Imperial College, University of London.
107. Prof. Christoffersen's Research.
     From McGill University. Download the paper Company Flexibility, the Value of Management and Managerial Compensation.
108. Course on Real Option Valuation.
     By Prof. Ulrich Hommel from European Business School (Germany). With materials to download and references.
109. Harriet Nembhard's Website.
     From Penn State University. With real options papers to download.
110. The Real Options Effect of Uncertainty.
     Download the paper by Nicholas Bloom from Institute for Fiscal Studies (UK).
111. Investment under Uncertainty - the Case of Repeated Investment Options.
     Download the paper by Nikolaj Malchow-Moeller and Bo Jellesmark Thorsen from University of Aarhus.
112. Guillermo L. Dumrauf website.
     Professor from Universidade del CEMA (Argentina). With material to download, including class notes on real options. (In Spanish)
113. PhD Student H.J. Kim's Website.
     With papers and presentations on Real Options.
114. Mark Gaynor website.
     Graduate Student in Computer Science at Harvard, with real options paper to download.
115. Shahab Khokhar.
     PhD Student, with interest and presentation (pdf) to download on real options.
116. Real Options in Japan.
     Japanese real options website maintained by Hiroshi Yamaguchi. In Japanese.
     See also this link.
117. Prof. Takezawa's Financial Laboratory.
     From International Christian University, Tokyo, Japan. With interest in real options. In English.
118. Prof. Tsujimura's Homepage.
     With interest ans published papers on real options. Part of the website is in English.
     See also the Real Options Workshop. In Japanese..
119. Institute for Monetary and Economic Studies, Bank of Japan.
     With publications including real options. In English.
     See for example two interesting real options papers by Naohiko Baba at 2001 IMES Discussion Papers Series.
120. Integrated real options techniques.
     Research cooperation between Indeva Energy Consultants and University of Oxford to expand the capabilities of existing business planning software to include real options modelling and optimisation under uncertainty.
121. Eunite.
     European Network of Excellence on Intelligent Technologies for Smart Adaptive Systems.
     See real options and fuzzy real options papers to download at Research section.
122. Favaro Family Papers & Publications.
     Papers on software economics including real options.
123. Risk and Uncertainty in Environmental and Resource Economics.
     Download real options papers from this conference (2002, Wageningen, The Netherlands).
124. Non-gaussian real options.
     Download the paper "Models of investment under uncertainty when shocks are non-gaussian, on the impact of the policy uncertainty on investment". By S. Levendorsky and S. Boyarchenko.
125. Prof. Onno Lint Research Page.
     With a long tradition in corporate applications of real options.
126. World of Real Options.
     By Christian Hopp. A starting-up website on real options. Forthcoming: thesis and article to download, and more.
127. Patents and R & D as Real Options.
     By Prof. Schwartz from UCLA. Abstract and link to download the paper.
128. Real Options, Conflicting Valuations, and Favoritism.
     By Anil Arya and Jonathan Glover. Abstract and link to download the paper.
129. Real Options Theory.
     Summary and bibliography by Prof. Thayer Watkins, from San José State University.
130. Prof. Juan Mascareñas' Website. From Universidad Complutense de Madrid. With research on real options (in Spanish)
     See real options materials to download in page about his book "Innovación Financiera".
     See also his page of links.
131. Homepage of Myriam Cisneros Molina.
     Ph.D. Student from University of Oxford with research on real options.
     She works for the Mexican Petroleum Institute, which organized an outstanding Workshop on Real Options in Petroleum (September 2002).
132. Prof. Stewart C. Myers' Homepage. Top researcher in corporate finance.
     From MIT and Principal at the Brattle Group.
     Myers launched the field of real options in corporate finance in 1977.
133. Prof. Ehud I. Ronn's Homepage. From University of Texas at Austin.
     Editor of a recent book on real options applied to energy industry.
134. Prof. Stathis Tompaidis' Homepage. From University of Texas at Austin with papers on real options.
     See his research page and download real options papers like "Real Options in Leasing: The Effect of Idle Time" with application in offshore rigs investments.
135. Prof. Sigbjørn Sødal' Homepage. From Agder University College, Norway. With many papers on real options to download.
136. 2001 Energy Finance Conference. From the Center for Energy Finance Education and Research, University of Texas at Austin
     Download the Roi Bain & Steve Rutherford presentation on real options at Anadarko.
137. Curse on Corporate Finance. By Prof. Turalay Kenc from the Imperial College.
     See the page of teaching materials and download the lecture and presentations on real options (topic 9).
138. A Real Options Analysis of a GHG Sequestration Project. By Prof. David Laughton and others. Download the paper on this important and hot topic.
139. Prof. Fotios Harmantzis Webpage. From Stevens Institute of Technology, with interest on real options applied to telecom investment.
     See also the page on his research team PerfEcTNet: Performance & Economics of Telecommunications Networks, including the project Real Options Analysis in 3G Networks Investment Decisions.
140. Prof. Hakan Erdogmus' Website .
     From NRC Institute for Information Technology, with Real options applications in Software Investment Analysis.
     See his page of publications; specially the real options papers from year 2002 (like "Valuation of Learning Options in Software Development Under Private and Market Risk") and before.
141. Prof. Laarni Bulan Webpage. From Brandeis University (USA), with interest on real options empirical issues.
     See also her research/papers page, and download papers like "Real Options, Irreversible Investment and Firm Uncertainty: New Evidence from U.S. Firms" and "Irreversible Investment, Real Options and Competition: Evidence from Real Estate Development".
142. IFID (Individual Finance and Insurance Decisions Center) Lectures.
     Real options applied to life insurance and personal finance. With many real options papers to download, such as "An Overview of the Real Options in Your Life" and "The Real Options in Your Life: Applying the New Paradigm to Personal Finance and Insurance".

C) Online Real Options Papers

1. (Real) Option Thinking and Scenarios.
   Very good online paper by Paul de Ruijter and Nico Janssen.
   See also the general link to Ruijter's website.
2. Taking an Option on IT.
   CIO Magazine article (June 15, 1999) about real options applied to information technology investment.
3. Reaping Real Rewards.
   CFO Europe Magazine online article on real options (July-August 1999).
4. The Value, Costs and Organizational Consequences of Modularity.
   Outstanding online paper by Profs. Carliss Baldwin and Kim Clark from Harvard.
5. Real Options: Dealing with Uncertainty.
   Online paper by Prof. Neufville from MIT.
6. Capital Strategy Letter.
   Online article on real options from a mine industry perspective.
7. A Focus on Real Options.
   MoneyScience online article, including links to websites and papers .
8. Towards a Smarter Decisions....
   Online article on Decision and Risk Analysis for petroleum industry, including real options topic. From the consultant firm Gaffney, Cline and Associates.
9. The Role of Strategic Thinking In the Analysis of Hard Investment Evaluation Problems.
   Online working paper by Prof. Phelan from La Trobe University, Australia.
10. New Developments in Strategic Management.
    Online article with special reference on real options.
11. Analysing Engineering Projects Using Real Options.
    Real applications at Boeing Company, reported in the Decisioneering Website.
12. CFO Magazine.
    See the online real options article such us Getting Real by S.L. Mintz, (CFO Magazine, November 1999); The Value of Real Options by Marie Leone (May 01, 2002); and Georgia State: Red Faces or Real Options by David Katz (April 02, 2002).
13. Alternative Perspective of Internet Valuations.
    Online article at Fuqua/Duke University by Richard Solano.
14. Who Has Opted for Real Options--And Why.
    Business Week Online article (June 1999).
15. Business Week Online - December 31st, 1999.
    Street Wise: Another Way of Valuing Dot.Coms. Online article about real options valuation of Internet Companies. See another real options article in number of June 7, 1999.
16. Reality Check for Real Options.
    Online article with critics to application of real options for firms without a discipline of capital.
17. Reality Bites.
    CFO Europe Magazine online article on real options by Mike Hanley (July/August 2001).
18. Evaluating Capital Investments in Manufacturing.
    Online article from consultants using real options. See also Achieving Capital Efficiency Chemicals Industry
19. Real Options Evaluation in Pharmaceutical R&D.
    Scrip Report, with online contents. See also this alternative link.
20. Resource Allocation and Risk Assessment.
    Online presentation by Mark Matthews from PolicyIntelligence.com
21. Real Options Article. By Prof. Fred Thompson, from Willamette University.
22. The Source of Comparative Advantage in Biotechnology: A Real Options Approach.
    By Lavoie and Sheldon, Ohio State University.
    See also this alternative link.
23. Using real options in strategic decision making.
    Online article by Walters and Giles of London Economics.
24. Options for Change.
    A letter to the Editor of The Economist (UK), 04 September 1999. By Stephen Black from PA Consulting Group.
25. Real Options and International Ventures.
    Online article from Research Today (June 2000) - Fisher College of Business (Ohio State University).
    Alternative link.
26. Comments on Trigeorgis' Real Options book.
    By Dr. Brian O'Rourke, Financial Engineering News.
27. Tapping Into Real Options .
    Computerworld Online Article (Jan. 07, 2002) on Real Options.
28. Consider your options.
    Online article from Forbes Global, by Chana R. Schoenberger.
29. Putting Real Options to Work.
    Online article from The Motley Fool, by Zeke Ashton.
30. Real Options: The Haves and Have Nots.
    Online article from The Motley Fool, by Zeke Ashton and Bill Mann.
31. Real Options, Real Opportunities. Online article by Prof. James Alleman, in Optimize Magazine.
    Prof. Alleman is author of a book on real options applied to telecom investments. See also this alternative link.
32. Real Options: The IT Investment Risk-Buster. Online article by Prof. Peter Boer, in Optimize Magazine.
    Prof. Boer is author of a book on real options with main focus in technology investments.
33. Exploring the Options.
    Online article by Shy & Nembhard from the University of Wisconsin-Madison .
34. It Takes Money To Make Money.
    Online article by James Burns from AAPG (Geologist Association).
35. The Real Thing.
    Online article by Derek Parker, from Australian CPA March 2002.
36. Thinking in Real (Options) Time.
    Online paper by Joanne Sammer in the Business Finance Magazine, March 2002.
37. Using Real Options Software to Value Complex Options.
    Financial Engineering News online paper by Dr. Jonathan Mun (from Decisioneering, Inc.).
38. Will Real Options Take Root?.
    Online article from CFO Magazine, July 01, 2003. By Edward Teach.
39. ROI Guide: Real Options.
    Online article from ComputerWorld magazine, February 17, 2003. By Steve Ulfelder.
40. Las Decisiones de Inversión como Opciones Reales (The Investment Decisions as Real Options).
    Online article by Prof. Juan Mascareñas from Universidad Complutense de Madrid (in Spanish).
41. Real Options: Finding Comfort in a "Learn and Adapt" World. See and download the article by Dr. Manuel Werner from Informe Decisions.
42. The Real Power of Real Options. Online presentation by Keith Leslie from McKinsey & Co.
43. Mercati efficienti e bolle speculative: cicli economici, finanza e psicologia. Online doctoral dissertation by Marco Primavera, including a section on real options and a section on mean-reversion with jumps. In Italian.
44. Options and Evolution - by Brian J. Loasby.
    A very interesting online paper from DRUID Summer Conference 2002. With a more philosophical discussion of real options, the role of the firm in economy, Nobel visions, etc.

D) Consulting Firms Applying Real Options

1. Real Options Group (ROG). Consulting organization with active top-researchers on real options, headed by Prof. Trigeorgis. ROG has been promoting the main international real options conferences.
   The website remains in construction, but there are some material available, e.g., the webpage on numerical methods (click in Finite Difference Methods or in Log-Transformed Binomial Lattice Approach for interesting materials).
2. Real Options Software, Inc..
   Consulting and training based on real options, from Dallas, Texas. Main focus on exploration and production of petroleum and on energy projects.
3. Real Option Valuation^TM
   PricewaterhouseCoopers' Applied Decision Analysis. Traditional consulting firm from California, using real options.
4. Decision Options, LLC. Real Options and Portfolio Management. Consultant firm for real options applications, Pharmaceuticals, Biotechnology, High Technology, Oil& Gas, Energy and Financial Services industries.
   Focus on Monte Carlo simulation methods for real options.
5. Onward Incorporated
   Consulting firm from California using real options headed by Prof. Luenberg from Stanford University.
   See also The Real Options Calculator Add-In for Microsoft Excel.
6. David Laughton Consulting Ltd..
   From Alberta, Canada. Dr. Laughton has many published papers on real options and modern asset pricing, focusing mainly petroleum and energy applications.
7. Petromanagement.
   Norwegian consulting firm acting in worldwide petroleum industry. With focus in real options, strategy and smart fields.
8. McKinsey.
   Traditional consulting firm. See the McKinsey Report Quarterly issue number 3, 1997 and download the article of Leslie & Michaels: "The Real Power of Real Options". See also others articles on real options (in the 1998 issues).
9. Knacta Inc., knowledge in action.
   With software and newsletter on real options.
   See also the real options online article and the suite Real Options Manager.
10. Crystal Ball Real Options.
    The traditional risk analysis software for Excel with real options facilities. By Decisioneering Group. See also Training - Real Options for Managers.
11. Blennius Consulting Services.
    Consulting firm with focus on real options and other quantitative tools used in modern finance.
    See also this link.
12. Synergy Partners, Inc. Consulting firm emphasizing focused analysis incorporating uncertainty, risk assessment and the value of flexibility.
    See Online article and resources on real options.
13. The Real Options Solution.
    By Prof. Peter Boer, author of a real options book of the same name and author of other books on economics of technology evaluation.
14. Axyom Consulting.
    Headed by Prof. Kieffel, from Stanford University. Consultant and training including exploration and production of petroleum industry. Materials on real options only by request.
15. Strategic Decisions Group.
    With real options articles and consulting.
16. Cultivating Real Options within BigCo.
    Download the paper from the WDBayless.com.
    See also this more general link.
17. Inform Decisions
. Canadian consulting firm headed by Dr. Werner.
Financial and real options in industries like natural resources, manufacturing, utilities, pharmaceuticals, and others.
18. VBM Consulting website
19. Niwot Ridge Consulting.
    With interest and online resources on real options to software engineering evaluation.
20. PTCFO, Inc.
    Management Consulting firm with interest on real options.
21. Monitor Company.
    Consultants headed by Tom Copeland (with a new textbook on real options).
    See this link on real options articles.
    See also a real options online article
    See also Monitor Corporate Finance with papers to download.
22. Lexecon Strategic Group.
    See the topic on articles.
23. PA Consulting Group. Using real options in technology valuation.
24. The Brattle Group. Consulting firm on finance, valuation, etc.
    Consultants headed by Prof. Stewart Myers (real options pioneer).
    See for example expertise in valuation, the page on water industry and the page on energy asset valuation with the recent paper "Nuclear Asset and Project Evaluation Using Options Theory — Principles of options pricing theory and demonstration of software tool".
25. Lexecon Strategic Group.
    See the topic on articles.
26. Return Driven Strategy. Using real options in business strategy to value creation and long-term return.
27. Site Lark. Using real options in petroleum business. See also their real options software named Upside Potential Pricing System.
28. Real Options Valuation, Inc..
    Consultant firm headed by Dr. Johnathan Mun, with software, training and consulting services on real options.

E) Events, Conferences, and Managerial Courses on Real Options

1. 8^th Annual International Conference on Real Options - Montreal, Canada, June 2004
   The most important annual event on real options, organized by Real Options Group.
2. Real Options Symposium.
   University of Maryland, April 2002. Keynote speaker: Stewart Myers. With many papers/presentations to download
3. Workshop on Real Options, Stavanger, Norway (May, 1998). Get some materials from this event, available in the sponsor (DSS in E&P multiclient project at Netherlands) website.
   It includes a Marco Dias' presentation.
4. Real Options - one day workshop from Cambridge University.
5. Investment Science for Industry. Two days course by Prof. Luenberger from Stanford University.
6. Using Real Options. Using Real Options to Value and Manage Natural Resource Projects.
   Next course editions: May 12-14 and December 8-10, 2004. From Colorado School of Mines, Prof. Davis and Samis.
7. Research Workshop on Recent Topics in Real Options Valuation.
   Workshop at the Donau-Universität Krems, Austria, July 6-8, 2002.
   With incentives for papers combination real options with issues like agency/asymmetry of information, strategic interaction, learning, etc.
8. Cirano's Conference-Workshop on Real Options.
   Organized by the Corporate Governance Group at Cirano (May, 2002). With many real options papers available to download, including The Value of Flexibility and Management Compensation.
9. Real Options Workshop at Energy Online.
   See also the reports with related papers to download.
10. How to Value Energy & Electricity Assets Using Real Options Analysis.
    PGS Energy Training seminar. With program details.
11. Exploiting Real Options for Profit - Valuing flexibility in project design.
    Real options course at University of Cambridge. With program details. Next course: 24-25 May 2004.
12. From Real Options to Derivatives, to M&As and FORAD.
    Real options course at Thunderbird, The American Graduate School of International Management.
    See also this alternative link.
13. Executive Real Options Course.
    See the programm from this real options course at Redcliffe Training Associates.
14. Seminar: Introduction to Real Options Analysis.
    See the programm from Synergy Partners, Inc.
15. Valuing and Managing Mining Projects with Real Options.
    By Prof. Michael Samis, from Laval University. See the programm and other information.
16. Real Options and the Law.
    Law is a new application area for real options. See the conference programm and download many papers.
    OBS: In 2005 was published a book with RO applications to Law Science ("Optional Law : The Structure of Legal Entitlements", by Ian Ayres).

F) Others Sites and Miscellaneous on Real Options

1. Real Options Forum! Subscribe and participate of this forum by email. "The forum was created to discuss and develop topics pertaining to Real Options theory and applications" (Andre Levy).
2. Design Rules: The Power of Modularity. Interview with Carliss Baldwin and Kim Clark, from Harvard Business Scholl about their outstanding book on design, which uses real options, evolutionary computation, and other concepts.
3. Concept Book Summary Comments and summary on Amram & Kulatilaka's "Real Options - Managing Strategic Investment in an Uncertain World".

Unfortunately for the links collections, some websites change the address (URLs) of several pages too frequently and without previous notice. In addition, webpages remain with high rate of birth and death in the cyberspace. I'm trying to keep these links updated, but it is not an easy task, there are too much links to check out.
I apologize for any link that doesn't work well. Several problems are temporary (server in maintenance or something like that), so try other day if this happen with any link.
If you find out a link that really doesn't work, I'll be grateful if you let me know.

Disclaimer: the usual disclaimer applies.