Abstract
El objetivo de esta investigación es proponer e incentivar el uso de las opciones reales a través de equivalentes de certeza y funciones de utilidad, como metodología alternativa para valorar una patente. La incertidumbre y la flexibilidad en la toma de decisiones durante las diferentes etapas de la misma, al igual que las particularidades del inversionista, son elementos esenciales de la metodología que se propone utilizar, para encontrar el equivalente de certeza que proporcione al inversor, un abanico de resultados, los cuales dependen de la actitud de éste frente al riesgo. Se adaptó este método a un caso de estudio sobre patentes farmacéuticas de Serono Internacional S. A. para valorar la opción de abandono. Finalmente, se encuentra que el modelo propuesto, permite representar las preferencias de inversionistas no diversificados en mercados incompletos y sus diferentes actitudes frente al riesgo. Se propone aplicar en futuras investigaciones, otro tipo de funciones de utilidad con la finalidad de comparar resultados.
Abstract
The purpose of this research is to propose and promote the use of real options through certainty equivalents and utility functions as alternative method to value a patent. Uncertainty and flexibility in the decisions making process during the different stages of the research, as well as the investor’s particularities, are essential elements of the proposed methodology in order to find the certainty equivalent that provides a range of results to the investor, depending of the investor’s attitude before risk. This method was adapted to a case of study regarding pharmaceutical patents of Serono Internacional S.A. to evaluate the option of abandon. Finally, it was found that the proposed model allows to represent the non-diversified investor´s preferences in incomplete markets and his/her different attitude before risk. We propose to apply other kind of utility functions in further researches with the intention to compare results.
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