Doctoral thesis of Philosophy: Is there value in waiting? An empirical study of real options application to Australian property developments

The major purpose of this dissertation is to test the practical applicability of RO theory through valuation of flexibility using selected case studies from the Australian residential property development market to either support or oppose the adoption of RO theory for property development decision making in practice. The objectives of this dissertation follow the general approach to real options research which focuses on determining the value of real options in capital projects with the aim of improving investment decision making under uncertainty by property practitioners and to demonstrate the ability of ROV to value flexible managerial decisions.