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Estudios sociales (Hermosillo, Son.)

Print version ISSN 0188-4557


VALENCIA SANDOVAL, Karina  and  ZETINA ESPINOSA, Ana Mónica. Evaluation of an investment project using real options to differentiate avocado. Estud. soc [online]. 2016, vol.24-25, n.47, pp.232-248. ISSN 0188-4557.

The objective of this study was to compare the gain obtained in a crop of avocado (Persea americana Mill.) to give it a higher aggregate value, highlighting its functional properties, and integrate to study the price volatility of the fruit. Were considered states of higher production: Michoacán, Morelos, Nayarit, Mexico, Jalisco, Puebla and Yucatán. Traditional evaluation (VAN) was used and it was compared with real options through the use of binomial trees and Black-Scholes formulas. The results show that the relation benefit-cost increases when the product has a higher aggregate value and it makes projects more profitable, even for those projects that were discarded originally through the traditional valuation.

Keywords : avocado; aggregate value; traditional evaluation; binomial trees; Black-Scholes formulas; volatility.

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