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Utilizando Opções Reais Na Análise De Viabilidade De Projetos De Investimento Agropecuários: Um Ensaio Teórico

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  • Macedo, Marcelo Alvaro da Silva
  • Nardelli, Paula Moreira

Abstract

Este artigo representa um ensaio teórico que busca apresentar e discutir a aplicação da Teoria de Opções Reais (TOR) na análise de viabilidade econômico-financeira de projetos agropecuários. Através de uma revisão sobre os métodos tradicionais de avaliação de projetos de investimento; sobre os problemas, restrições e limitações ao uso destes; e sobre a teoria das opções reais e seus principais usos, este trabalho busca formar base de sustentação teórica para através de um exemplo ilustrativo mostrar a aplicação da TOR no agronegócio. Busca-se, através deste exemplo, discutir a possibilidade de melhorar as análises de viabilidade na área agrária pela aplicação da TOR. As motivações, justificativas e impactos positivos pelo uso da metodologia em projetos agropecuários serão explorados pelo exemplo e apresentados em sua análise. Estes mostram que existe uma ampla aderência entre a TOR e a análise de viabilidade econômico-financeira de projetos agropecuários, em virtude das características destes no que tange às incertezas futuras de preço e de volume. --------------------------------------------This paper represents a theoretical framework which searches for presenting and discussing the application of the Real Options Theory (ROT) under the economical and financial viability of farm projects. Through a review of the traditional investment projects evaluation methods, about the problems, restrictions and limitations of their usage, and related to the real options theory and its main usages, this work seeks to form a theoretical support base to through an illustrative sample show the ROT application in agribusiness. It’s searched, through this example, to discuss the possibility of increase the viability analysis in the agrarian area by the application of ROT. The motivations, justifications and positive impacts by the usage of this methodology in farm projects are operated by the sample and showed on its analysis. These ones show that exists a wide adherence between the ROT and the economical and financial viability analysis of farm projects, because of the features of these ones related to the future uncertainties of price and volume.

Suggested Citation

  • Macedo, Marcelo Alvaro da Silva & Nardelli, Paula Moreira, 2008. "Utilizando Opções Reais Na Análise De Viabilidade De Projetos De Investimento Agropecuários: Um Ensaio Teórico," 46th Congress, July 20-23, 2008, Rio Branco, Acre, Brazil 113393, Sociedade Brasileira de Economia, Administracao e Sociologia Rural (SOBER).
    • Handle: RePEc:ags:sbrfsr:113393
    DOI: 10.22004/ag.econ.113393
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    Keywords

    Agricultural Finance;

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