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Real Exotic Option in Eça de Queirós’ the illustrious house of Ramires

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  • Dean A. Paxson

    (Manchester Business School)

Abstract

The Illustrious House of Ramires is the story of a Portuguese nobleman, without an heir or funds to maintain his estate, but with the prospects of marriage, developing his estate or writing the history of his illustrious family or an alternative career, including politics. These alternatives are considered real life options, that is choices with fictitious values and costs, which may be exercised in the future. The career real options are chances to defer decisions and actions, and are sensitive to the risk aversion of Goncalo Ramires, his perception of the volatility of the costs and values, and his impatience to succeed. His real marriage options are modelled as exotic barrier options, which either expires as prospects decline, or alternatively which become options as prospects decline so far that Gonçalo is at long last inspired to action. Procrastinare lusitanum est.

Suggested Citation

  • Dean A. Paxson, 1999. "Real Exotic Option in Eça de Queirós’ the illustrious house of Ramires," Portuguese Journal of Management Studies, ISEG, Universidade de Lisboa, vol. 0(4), pages 291-304.
  • Handle: RePEc:pjm:journl:v:iv:y:1999:i:4:p:291-304
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