Fuzzy multicriteria R&D project selection with a real options valuation model

Tolga A. C.

JOURNAL OF INTELLIGENT & FUZZY SYSTEMS, cilt.19, ss.359-371, 2008 (SCI-Expanded) identifier identifier identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 19
  • Basım Tarihi: 2008
  • Doi Numarası: 10.1111/risa.13391
  • Dergi Adı: JOURNAL OF INTELLIGENT & FUZZY SYSTEMS
  • Derginin Tarandığı İndeksler: Science Citation Index Expanded (SCI-EXPANDED), Scopus
  • Sayfa Sayıları: ss.359-371
  • Anahtar Kelimeler: Real options, fuzzy, TOPSIS, research and development projects, multi-criteria selection
  • Galatasaray Üniversitesi Adresli: Evet

Özet

Real options valuation is a financial technique for evaluating investments under conditions of uncertainty, particularly uncertainty associated with market variables such as future product demand or the future value of an asset. The real option value of the investment opportunity is what a value-maximizing firm would pay the right to undertake the investment project with its inherent decision points. This paper proposes a fuzzy multi-criteria R&D project selection methodology based on the hierarchical fuzzy TOPSIS, which includes a fuzzy real options valuation model.