摘要：The article deals with the problem of application the financial options valuationtheory into the real options valuation. It consists three parts. The first onepresents the methodology background of the financial option valuation models.This part gives the general outlook on the problems which occurs in the process ofadopting the methodology to solve the capital budgeting problems. The main problemconcerns the lack of market valuated instrument which could be used tocompose the replicating portfolio for payouts from real options. In the second part,there are presented attempts to solve the problem of the replicating portfolio of thereal options which appeared in the financial literature. There is presented theMarket Asset Declaimer as a one of the most appealing solution from the practicalperspective. The last part of the article discusses the application issues of differentanalytical tools. The conclusions indicate that binominal trees methodologyis more suitable to implement the real options methodology in decision processesthan other tools.
