Un approccio analitico al project financing con la teoria delle opzioni reali

This article presents a model that treats project financing as a stylised situation that is validated by its economic and financial characteristics. Making use of the theoretical apparatus of irreversible investments during conditions of uncertainty, which provides a clear snapshot of the risk inherent in project financing operations, it answers a series of critical questions for the realisation of large public works, such as: the duration of a concession, the price agreed upon by the parties and the most economic type of contract. The presented model allows for the calculation of the minimum and maximum values of the concession price and both public and private economic expediency. It is applicable in a large variety of project financing cases, which differ from the use of public resources