First proposed the concept of real

First proposed the concept of real options in their written papers that at the time of business investment projects with greater uncertainty about the future conduct of the valuation, the use of potentially profitable traditional DCF model does not project the uncertainty brought about by the the opportunity to include an assessment system that results obtained underestimate the value of the project. And then introducing the method used in real financial option pricing, the company's future investment opportunities seen as an option, which expands the range of applications Black-Scholes option pricing model.