Citing works

Arasteh, A. and Aliahmadi, A., 2014, A proposed real options method for assessing investments, The International Journal of Advanced Manufacturing Technology, 70, 5-8,1377-1393 link to abstract

Barton, K., 2011, Utilizing Managerial Cash Flow Estimates for Applied Real Options Analysis, M.Sc. Thesis at the University of Toronto, Dept. of Engineering and Applied Chemistry link to full thesis in pdf

Barton, K. and Lawryshyn, Y., 2011, Integrating Real Options with Managerial Cash Flow Estimates, The Engineering Economist, 56, 3, 254-273 Abstract

Bednyagin, D. and Gnansounou, E., 2011, Real options valuation of fusion energy R&D programme, Energy Policy, 39, 1, pp. 116-130 Download PDF

Calzada, J., Jaag, C., and Trinkner, U., 2009, Universal Service Auctions in Liberalized Postal Markets, Swiss Economics Working Paper 0014, Swiss Economics SE AG, Link to PDF

Carlsson, C. and Fuller, R., 2011, Fuzzy Real Options for Strategic Decisions, Studies in Fuzziness and Soft Computing, 270/2011, Springer

Chang, H.F., 2013, Value Constellation: a Perspective Based on Patent Strategy and Patent Litigation,  M.Ph. thesis in management information systems, National Chengchi University, Taipei, Taiwan,  Abstract and link to full thesis download

Collan, M., 2010, A DSS for Supporting Area Development Decision-making, Proceedings of the 2nd IEEE International Conference on Information Management and Engineering (IEEE ICIME 2010), 16-18.4.2010, Chengdu, PRC Abstract & download

Collan, M., 2010, Valuation of area development project investments as compound real option problems, Journal of Applied Operational Research, 2, 1, 71-78 Full paper PDF download 

Collan, M., 2011, Thoughts about selected models for the valuation of real options, Acta Universitae Palackinae Olomucensis Mathematica, 50,2,5-12 Full paper PDF download

Collan, M., 2011, Thoughts about Selected Models for the Valuation of Real Options, the topic was be presented in January 2011 at the Olomoucian days of Applied Mathematics, in Olomouc, Czech Republic

Collan, M., 2011,Quantifying the Benefits of Phasing as a Corporate Real Estate Strategy, in Gunalay Y. and Kadipasaoglu, S. (Eds.), Proceedings of the 3rd International Conference on Applied Operational Research, Lecture Notes in Management Science, 3,1, 179-192, 24.-26.8.2011 Istanbul, Turkey. Presentation slides (based on this paper from Olomouc, the Czech Republic Oct. 2011.)

Collan, M., 2011, Valuation of Industrial Giga-Investments: Theory and Practice, Fuzzy Economic Review, 1, 16, pp. 21-37 Abstract

Collan, M., 2012, The Pay-Off Method: Re-Inventing Investment Analysis – With numerical application examples from different industries, Createspace Inc., Charleston, USA Link to the book page

Collan, M., 2012, Keynote lecture about “Real Option Valuation as a Modelling Problem” at the 4th International Conference on Applied Operational Research, held 25.-27.7.2012, in Bagkok, Thailand Abstract and presentation in pdf

Collan, M., 2012, Simple fuzzy input scorecard for intellectual property rights evaluation, Lecture Notes in Management Science, 4, 21-29 ISSN 2008-0050 Download Paper

Collan, M., 2013, Fuzzy or linguistic input scorecard for IPR evaluation, Journal of Applied Operational Research, 5, 1, 22-29 (ISSN 1927-0089) Download Paper

Collan, M., 2013, On fuzzy scorecards, 2013 Olomoucian Days of Applied Mathematics – Book of Abstracts, page 15 – ODAM2013; Olomouc, Czech Republic, 12.-14. June, 2013 PDF of the whole book of abstracts

Collan, M., Björk, K-M., and Kyläheiko, K., 2014, Evaluation of an Information Systems investment into Reducing the Bullwhip Effect – a Three Step Process, International Journal of Logistics Systems and Management, 17, 3, 340-356 Link to journal page

Collan, M. and Fedrizzi, M., 2010, Real asset appraisal based on a multi-expert approach using the pay-off method for real option valuation, in Proceedings of the International Conference on Applied Operational Research, p. 407-418 Download Paper

Collan, M., Fedrizzi, M., and Luukka, P., 2013, A Multi-Expert System for Ranking Patents: An Approach Based on Fuzzy Pay-Off Distributions and a TOPSIS-AHP Framework, Expert Systems with Applications, 40, 12, 4749–4759, Link to abstract

Collan, M., Fullér, R., Mezei, J., and Wang, X., 2011, Patent Evaluation with a Numerical Real Option Method, in Proceeding of The 2nd International Conference on Management Science and Engineering (MSE 2011), Advance in Artificial Intelligence, Vol. 1, 685-690, 1-2 October 2011, Chengdu, PRC,  ISBN 978-1-61275-994-4; Presentation slides MSE 2011 Presentation

Collan, M., Fullér, R., Mezei, J., and Wang, X., 2011, Numerical Patent Analysis with the Fuzzy Pay-Off Method: Valuing a Compound Real Option, in Proceedings of The Fourth International Conference on Business Intelligence and Financial  Engineering (BIFE 2011), pp. 407-411, 17-20 October 2011, Wuhan, PRC; To be uploaded to The IEEE Computer Society’s Conference Publishing Services (CPS), available at DOI: 10.1109/BIFE.2011.86

Collan, M. and Haahtela, T., 2013, Mapping Real Option Valuation Model Types to Different Types of Uncertainty, in Collan, M., Hämäläinen, J., and Luukka, P., 2013, Proceedings of the FORS40 Workshop, LUT Scientific and Expertise Publications No. 13, pp. 68-71, ISBN 978‐952‐265‐436‐6 Link to Full Proceedings PDF

Collan, M. and Heikkilä, M., 2010, Valuation of patents with the pay-off method, Proceedings of the 5th International Forum on Knowledge Asset Dynamics, 24.-26.6.2010. Matera, Italy Link to 5th IFKAD conference page

Collan, M. and Heikkilä, M., 2011, Enhancing Patent Valuation with the Pay-Off Method, Journal of Intellectual Property Rights, 16, 5, 377-384 Link to paper (free PDF download)

Collan, M. and Kinnunen, J., 2011, A Procedure for the Rapid Pre-acquisition Screening of Target Companies Using the Pay-off Method for Real Option Valuation, Journal of Real Options and Strategy, 4, 1, 117-141 Download paper in PDF

Collan, M. and Kyläheiko, K., 2012, Strategic Patent Portfolios: Valuing the Bricks of the Road to the Future, in proceedings of the 17th International Working Seminar on Production Economics, 20-24.2.2012, Innsbruck, Austria

Collan, M. and Kyläheiko, K., 2013, Forward looking valuation of Strategic Patent Portfolios Under Structural Uncertainty, Journal of Intellectual Property Rights, 18, 3, 230-241 Download in PDF

Collan, M. and Luukka, P., 2013, Evaluating R&D Projects as Investments by Using an Overall Ranking from Four New Fuzzy Similarity Measure Based TOPSIS Variants, IEEE Transactions on Fuzzy Systems, 21, 6, -11, link to the abstract

Collan, M. and Luukka, P., 2014, Fuzzy scorecards and aggregation operators for interdependent criteria, in Proceedings of the 2014 Industrial and Systems Engineering Research Conference, 31.5.-3.6.2014 Montréal, Canada ISBN 978-0-98337624-3-0 Link to PDF

Edelmann, J., 2011, Experiences in Using a Structured Method in Finding and Defining New Innovations: The Strategic Options Approach, Acta Universitatis Lappeenrantaensis, 433, Digipaino, Lappeenranta, link to a PDF version of the thesis

Enevoldsen, A., and Norbaek, A., 2011, Real Options Valuation of a Biotech Project Using Fuzzy Numbers, Masters Thesis at the Copenhagen Business School, Institute of Economics, link to a PDF version of the thesis including an .xls file that contains their numerical case

Favato, G., Baio, G., Capone, A., Marcellusi, A, and Saverio Mennini, F., 2013, A Novel Method to Value Real Options in Health Care: The Case of a Multicohort Human Papillomavirus Vaccination Strategy, Clinical Therapeutics, 35, 7, 904-914 link to abstract

Georgescu, I., and Kinnunen, J., 2011, Credibility Measures in Portfolio analysis: From possibilistic to probabilistic models, Journal of Applied Operational Research, 3(2) 91-102 Full paper PDF download

Haahtela, T., 2012, Differences between financial and real options, Proceedings of the 4th International Conference on Applied Operational Research, Lecture Notes on Management Science, 4, 169-178 Full paper PDF download

Hassanzadeh, F., Collan, M., and Modarres, M., 2011, A Technical Note on “fuzzy set approach for R&D portfolio selection using a real options valuation model” by Wang and Hwang (2007), Omega, 39, pp. 464-465 , link to journal page with Abstract

Hassanzadeh, F., Collan, M., and Modarres, M., 2011, A Practical R&D Selection Model Using Fuzzy Pay-Off Method, Journal of Applied Manufacturing Technology, 58, 1-4, 227-236, Springer, link to abstract page

Hassanzadeh, F. Collan, M., and Modarres, M., 2012, A Practical Approach to R&D Portfolio Selection Using Fuzzy Set Theory, IEEE Transactions on Fuzzy Systems, 20, 2, 615-622, link to abstract page

Hatami-Marbini, A., Saati, S., and Tavana, M., 2010, An ideal-seeking fuzzy data envelopment analysis framework, Applied Soft Computing, 2010,10, pp. 1062-1070 , link to the journal site with Abstract

Hatami-Marbini, A., Saati, S., Emrouznejad, A., and Saati, S., 2012, Efficiency measurement in fuzzy additive data envelopment analysis, International Journal of Industrial and Systems Engineering, 10, pp. 1-20, link to full PDF

Heikkilä, M., 2009, Selection of R&D Portfolios of Real Options with Fuzzy Pay-offs under Bounded Rationality, IAMSR Research Report, 1/2009, ISBN 978-952-12-2316-7

Heikkilä, M., 2009, R&D Investment Decisions with Real Options – Profitability and Decision Support, Painosalama, Turku, Finland (Doctoral dissertation at the Abo Akademi University, Institute for Advanced Management Systems Research (IAMSR), Department of Information Technology)

Jaimungal, S. and Lawryshyn, Y., 2010, Applying Financial Rigour to Fuzzy Real Options, Lecture Notes in Management Science, 2, 1, pp. 438-447 Abstract

Jaimungal, S. and Lawryshyn, Y., 2010, Incorporating Managerial Information into Real Option Valuation, Working paper at the SSRN archive, Dec. 23, 2010,  Abstract and paper download

Jurvanen, A., 2014, ERP Systems as investments: Analysing costs vs. benefits, M.Sc. Thesis, Lappeenranta University of Technology, School of Business Link to full PDF

Kinnunen, J., 2010, Valuing M&A Synergies as (Fuzzy) Real Options, Proceedings of the XIV Annual International Conference on Real Options, Rome, Italy.

Kinnunen, J. and Georgescu, I., 2013, M&A Portfolio Selection of Targets Valued by Probabilistic and Possibilistic Real Options Methods, XVIII Annual Intl. Conf. on Real Options Paper Link to PDF

Kukolj, D.R., Gradojevic, N., and Lento, C., 2012, Improving non-parametric option pricing during the financial crisis, in proceedings of the 2012 IEEE conference on Computational Intelligence for Financial Engineering & Economics (CIFEr), March 29.-30., 2012, New York, NY, USA, DOI: 10.1109/CIFEr.2012.6327777.     Abstract

Lawryshyn, Y., 2013, A Closed-Form Model for Valuing Real Options Using Managerial Cash-Flow Estimates-Draft Abstract for ROC2013, (XVIII Annual Intl. Conf. on Real Options conference paper) Link to PDF

Lawryshyn, Y., 2013, A Practical Analytical Model for Valuing Early Stage Investments Using Real Options, in Collan, M., Hämäläinen, J., and Luukka, P., 2013, Proceedings of the FORS40 Workshop, LUT Scientific and Expertise Publications No. 13, pp. 62-67, ISBN 978‐952‐265‐436‐6 Link to Full Proceedings PDF

Lawryshyn, Y., Collan, M., Luukka, P., and Fedrizzi, M., 2014, Valuing patents utilizing consensual dynamics in a real options framework, in Proceedings of the 2014 Industrial and Systems Engineering Research Conference, 31.5.-3.6.2014 Montréal, Canada ISBN 978-0-98337624-3-0 Link to PDF

Lee, HL., Moon, J., Yoo, W., and Lee, D., 2009, Strategic selecting of public projects using fuzzy real option, Asian Journal on Quality, 11, 3, pp. 236-250

Lin, HW. and Lu, Evaluating the BOT project of sport facility: an application of fuzzy net present value method, Journal of Industrial and Production Engineering, 30, 4, 220-229 link to abstract

Lo Nigro, G., Enea, G., and Morreale, A., 2013, A user friendly real option based model to optimize pharmaceutical R&D portfolio, Journal of Applied Operational Research, 5, 3, 83-95 Link to full paper in PDF

Mezei, J., 2011, A Quantitative View on Fuzzy Numbers, TUCS Dissertations 142, Turku, December 2011, ISBN 978-952-12-2670-0 Full dissertation PDF download

Milanesi, G.S. and Broz, D., 2013, Aplicación de lógica borrosa para la toma decisiones en el sector forestal el metodo fuzzy pay-off (FPOM), XXXIII Jornadas Nacionales de Administración Financiera, 18.-21.9.2013, Vaquerías, Valle Hermoso, Provincia de Córdoba, Argentina Full paper pdf download

Milanesi, G., 2014, Valoración probabilística versus borrosa, opciones reales y el modelo binomial. Aplicación para proyectos de inversión en condiciones de ambigüedad, Estudios Gerenciales, 30, 132, 211-219 (Elsevier) Link to abstract

Milanesi, G., Broz, D., Tohme, F., and Rossit, D., (2014), Strategid analysis of forest investments using real option: the fuzzy pay-off model (FPOM), Fuzzy Economic Review, 19, 1, 33-44 Link to full paper

Modarres, M. and Hassanzadeh, F., 2009, A Robust Optimization Approach to R&D Project Selection, World Applied Sciences Journal, 7, 5, pp 582-592 Link to full text article in PDF

Porter, A., Cunningham, S., Banks, J., Roper T., Mason, T., and Rossini, F., 2011, Forecasting and Management of Technology, 2nd Edition, Wiley, Link to the publishers site with book info

Riihimäki, V, 2010, Managing Uncertainties in Broadband Investments – Case Studies of Real Options for Rural Area Access Networks, Doctoral dissertation at the Aalto University, Department of Communications and Networking, Multiprint Oy, Espoo, Finland Download in PDF

Rodger, J.A., 2013, A fuzzy linguistic ontology payoff method for aerospace real options valuation, Expert systems with applications, 40, 8, 2828-2840 Abstract  [This is again a paper that barely references the original work, but reproduces FACSIMILE of more than one page of original work by Mezei, Fullér, and Collan 2011 (and  Mezei, Fullér, and Collan 2012)]

Saeed, M. A., Option on Human Performance ( A Case Study on Cricket Players) (September 15, 2009). Available at SSRN

Sojda, A., 2012, Zastosowanie metody pay-off do oceny projektów inwestycyjnych w górnictwie – Application of the pay-off method for the assessment of investment projects in mining, Prezeglad gorniczy, 68, 9, 157-160 Link to pdf (in Polish, abstract in English)

Sojda, A., 2013, Rozmyte metody oceny projektów inwestycyjnych w przedsiębiorstwie górniczym, Zeszyty Naukowe, Wyższej Szkoły Bankowej we Wrocławiu, 2, 34, 349-360
In English: Fuzzy method of evaluation of investment projects in the coal mining – Link to PDF

Sojda, A, 2014, Elastycznosc decyzyjna i ryzyko w ocenie projektow inwestycyjnych przy zastosowaniu metody pay-off, University of Katowice, research report series? Link to full paper PDF

Tavana, M., Zandi, F., and Katehakis, M., 2013, A Hybrid Fuzzy Group ANP-TOPSIS Framework for E-government Readiness Assessment from a CiRM Perspective, Information & Management, 50, 383-397 Abstract

Turek, M. and Sojda, A., 2013, Determination of enterprise value by using the fuzzy pay-off method for real option valuation, in proceedings of  2013 IEEE 7th International Conference on Intelligent Data Acquisition and Advanced Computing Systems (IDAACS), 12.-14.9.2013, Berlin, Germany, Volume 2, 597-600, ISBN 978-1-4799-1426-5 Abstract

Vimpari, J., Kajander J., and Junnila, S., Valuing flexibility in a retrofit investment, Journal of Corporate Real Estate, 16, 1, 3-21 Link to abstract

Vimpari, J. and Junnila, S., 2014, Valuing green building certificates as real options, Journal of European Real Estate Research, 7, 2 (early cite) Link to abstract

You, C. L., Lee, C.K.M., Chen, S.L., and Jiao, R.S., 2012,  A real option theoretic fuzzy evaluation model for enterprise resource planning investment, Journal of Engineering and Technology Management, 29, 47-61 Link to abstract  N.B.!!!! The Jury is still out on this paper; the referencing is not convincing: the paper actually may  give the impression that the pay-off method is an original contribution of the paper authors. The story the authors present is good and interesting, but make out your own mind about the referencing of the paper…

Yu, S-E., Leon Li M-Y., Huarng, K-H., Chen, T-H., and Chen, C-Y., 2011, Model Construction of Option Pricing Based on Fuzzy Theory, Journal of Marine Science and Technology, 19, 5, 460-469 , full PDF download

Zandi, F. and Tavana, M., 2010, A hybrid fuzzy real option analysis and group ordinal approach for knowledge management strategy assessment, Knowledge Management Research & Practice, 2010, 8, pp. 216-228 , link to journal page with Abstract

Zandi, F. And Tavana, M., 2011, A fuzzy group quality function deployment model for e-CRM framework assessment in agile manufacturing, Computers & industrial engineering, 61,1,1-19, link to ACM digital library page with Abstract

Zandi, F., and Tavana, M., 2011, A strategic benchmarking process for identifying the bestpractice collaborative electronic government architecture, International Journal of information systems in the service sector, 3, 2, 32-56, link to journal page with Abstract

Zandi, F., and Tavana, M., 2011, An Optimal Investment Scheduling Framework for Intelligent Transportation Systems Architecture, Journal of Intelligent Transportation Systems, 15, 3, 115-132 Abstract

Zandi, F., Tavana, M., and Martin, D., 2011, A fuzzy group Electre method for electronic supply chain management framework selection, International Journal of Logistics: Research and Applications, 14, 1, 35-50, link to journal page with Abstract

Zandi, F., Tavana, M., and Martin, D., 2011, A fuzzy goal programming model for strategic information technology investment assessment, Benchmarking: an international journal, 18, 2, 172-196, link to PDF

Zandi, F., Tavana, M., and  O’Connor, A., 2012, A strategic co-operative game-theoretic model for market segments with application to banking in emerging economies, Technologic and Economic Development of Economy, 18, 3, 389-423 link to pdf

Von Helfenstein, S., 2011, Empirical Evidence in Support of a Proposed Methodology for Valuing Uncertainty and Flexibility in Complex, Large-Scale Systems (February 28, 2011). Available at SSRN: or

Wang, Q., 2011, Facilitating Brownfield Redevelopment Projects: Evaluation, Negotiation, and Policy, University of Waterloo, Faculty of Engineering Theses and Dissertations,  Dissertation in PDF

Wang, X., 2011, Patent valuation with a fuzzy binomial model, in Proceedings of the 2011 IEEE International Conference on Fuzzy Systems (FUZZ), 579 – 583, 27-30 June 2011, Taipei, Taiwan Abstract