摘要：Real options modeling, which extends the ability of option pricing models to evaluate real assets, can
be used to evaluate risky projects because of its capacity to handle uncertainties. This research utilizes
possibility theory to represent private risks of a project, which are not reflected in the market and hence
are not fully evaluated by standard option pricing models. Using a transformation method, these private
risks can be represented as fuzzy variables and then priced with a fuzzy real options model. This principle
is demonstrated by valuing a brownfield redevelopment project using a prototype decision support
system based on fuzzy real options. Because they generalize the original model and enable it to deal
with additional uncertainties, fuzzy real options are entirely suitable for the evaluation of such projects.
