KB-FIN — Finance, economics, law & risk datamart

Entries

• 8 September 2026

  Real options, twenty-five years on: Luehrman's toolkit, and where the field stands in 2026

  If you ever had to defend a project with a zero NPV, this is the method that values what DCF ignores.

  Two 1998 HBR articles turned the option analogy into two metrics and a picture managers can draw. Since then adoption has barely moved (26.4 % of CFOs in 2022), theory migrated to strategy, competition got its own models, and the energy transition became the new laboratory.