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Real Options Conference 2024

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Evolution and Trends of Real Options Under Incomplete Markets: A Bibliometric Review

Contribution: This bibliometric study contributes to the theory of real options under incomplete markets by identifying the journals who document the transition of the study of real options from finance to management, four thematic nodes, three articles whose impact makes them pillar, and three lines of evolution that allow the identification of emerging categories for new research. Purpose: This paper aims to analyze how research and the use of real options under incomplete markets has evolved. Gap: So far, bibliometric studies in real options have focused on the application to specific fields such as natural resources, commodities, and fields such as medicine. Despite the relevance of the problem of completeness, most articles have addressed the problem from the literature review and there are no bibliometric studies that focus on methodological aspects. Relevance: The evidence suggests deepening in the evolution of real options in incomplete markets, showing a path towards a better understanding and adoption of advanced techniques of prospective and decision analysis. Impact: This study contributes significantly to the area of finance and financial management by showing the evolutionary process of real options in incomplete markets as well as by identifying the scientific web that has supported their evolution. Methodology: As bibliometric studies are increasingly the focus of literature reviews in economics, management and finance, a bibliometric approach was applied to a series of articles studying the valuation of real options in incomplete markets.

Rafael Gomez-Gomez
Universidad de Manizales - EGADE Business School

Eliana Morales Zuluaga
Universidad de Manizales


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