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Annual International Conference on Real Options: Theory Meets Practice


To bring together academics and practitioners at the forefront of real options and investment under uncertainty to discuss recent developments and applications. The conference features academic and professional presentations of theoretical and applied work, workshops and case discussions, experiences from the field and panel discussions.


Any paper on the theory or application of real options. Possible topics include: R&D, entrepreneurship and innovation, new product development, capabilities, infrastructure and network (telecom, power) investments, valuation of natural resources, commodities and power investments, growth options, competition and strategy, corporate valuation and IPOs, investments involving learning, agency issues and incentives, public infrastructure, environment and public policy, case studies etc. We expect to have sessions on telecoms, oil/energy, innovation, and various public policy issues. We are generally interested in applied or empirical papers, and case studies in these and various other industries.


Lenos Trigeorgis (U. Cyprus & ROG)
Paulo Pereira and Miguel Sousa (U. of Porto)
VP Program: Gordon Sick (U. Calgary).


2021 Erwan Morellec (Swiss Finance Institute)
2020 Conference Cancelled due to the Covid-19 pandemic
2019 Christoph Loch (U. Cambridge)
2018 Arnd Huchzermeier (WHU)
2017 Carliss Baldwin (Harvard U.)
2016 Kunno Huisman (Tilburg University) and Peter Kort (Tilburg University)
2015 Bart Lambrecht (U. Cambridge)
2014 Marco Antonio Guimarães Dias (Petrobras and PUC Rio)
2013 Lenos Trigeorgis (U. Cyprus & King's College London)
2012 Avinash Dixit (Princeton U.)
2011 Dean Paxson (Manchester U.)
2010 John Kensinger (U. N. Texas)
2008 Tom Copeland (MIT)
2007 Mark Rubinstein (UC Berkeley)
2006 Robert C. Merton (Harvard U.)
2005 Robert S. Pindyck (MIT)
2004 Stewart C. Myers (MIT)
2003 Alex Triantis (U. Maryland)
2002 Gordon Sick (U. Calgary)
2001 Eduardo Schwartz (UCLA)
2000 Myron Scholes (Stanford U.)
1999 Stephen A. Ross (MIT)
1998 Robert L. McDonald (Northwestern U.)
1997 Michael J. Brennan (UCLA)

REVIEW COMMITTEE: Submitted papers will be reviewed by a committee headed by Professors Luiz Brandao (PUC/Rio, Brazil), Marco Dias (PUC/Rio, Brazil), Stein-Erik Fleten (NTNU, Norway), Kuno Huisman (Tilburg U., Netherlands), Peter Kort (Tilburg U., Netherlands & U. Antwerp, Belgium), Yuri Lawryshyn (U. Toronto, Canada), Dean Paxson (U. Manchester, UK), Paulo Pereira (U. Porto, Portugal), Gordon Sick (U. Calgary, Canada), Afzal Siddiqui (U. College London, UK), Ryuta Takashima (Tokyo U. of Science, Japan), Lenos Trigeorgis (U. Cyprus), Andrianos Tsekrekos (AUEB, Greece), and Motoh Tsujimura (Doshisha U., Japan).

BEST STUDENT PAPER AWARD: Submissions for best papers by Ph.D. students are encouraged. Interested students should submit a complete draft via the Real Options Conference Website by the same deadline and indicate they wish to be considered for the best student paper award. Papers should be no more than thirty pages in length and be written only by the student or at most co-authored with a single supervisor. Submissions will be assessed by a panel headed by Prof. Afzal Siddiqui, UCL. In advance of the conference, authors of the top three papers will be notified and asked to present their work in a special session during the conference. The winner of the best student paper will be announced during the conference and receive an award of US$500 or €450.

DISCUSSANT: Submission of a paper is with the understanding that one of the (co)authors will present and serve as a discussant. Each academic paper will be discussed by a discussant.

NOTIFICATION & INQUIRIES: Please address all registration and other conference-related inquiries to conference.registration@realoptions.org. For local inquiries and logistics, please contact Paulo Pereira at pjpereira@fep.up.pt.

RELATED BACK-TO-BACK PRACTITIONER CONFERENCE: Academics attending this conference are entitled to receive a 50% discount on the accompanying back-to-back practitioner conferencein the same location. Practitioners, company executives or consultants interested to share their application experiences as speakers or panelists at the practitioner conference should email a proposal to Lenos Trigeorgis at lenos@ucy.ac.cy

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