More effort and education is needed to transfer real options from the academic arena to industry use. This effort is vital since existing analysis tools such as net present value underestimate the value of projects. As Stephen Ross states: "For most investments, the usefulness of the NPV rule is severely limited. ... If modem finance is to have a practical and salutary impact on investment-decision making, it is now obligated to treat all major investment decisions as option pricing problems."
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