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Las inversiones en proyectos de infraestructuras de transporte, especialmente las concesiones de infraestructuras, estan asociadas con un alto grado de incertidumbre y requieren de la aplicacion de elevadas cantidades de recursos. La estimacion del valor presente de los flujos de caja futuros conlleva descontar esos flujos a una determinada tasa de descuento, que en algunos casos, puede conducir a errores cuando el proyecto lleva asociado cierto grado de flexibilidad. En estos casos, los metodos de valoracion de inversiones basados en la aplicacion de la teoria de opciones reales, nos permite estimar el valor del proyecto en un entorno de incertidumbre, anadiendo el valor de la flexibilidad administrativa, operativa y de gestion a los metodos de valoraciones tradicionales. En la presente tesis doctoral se aplica la teoria de opciones reales al caso concreto de la opcion de abandono de un proyecto de concesion de infraestructuras de transporte. Para ello, se ha considerado el trafico como activo subyacente para llevar a cabo la analogia con las opciones financieras. Investments in transport infrastructure projects, and specifically in toll motorway concessions, are associated with a high degree of uncertainty and require a large amount of resources. The estimate of the net present value of the project involves discounting future revenue at a given discount rate, which can lead to mistaken results when the project implies a certain degree of flexibility. In such cases, methods for the valuation of the investments based on the real options theory allow to estimate projects in an uncertain environment, adding the value of the administrative, operative and managerial flexibility to the strictly financial valuation of the traditional methods. In this dissertation, the options theory has been applied to the specific case of the abandonment option in a toll motorway concession project. For this purpose, the traffic of the motorway has been considered as the underlying asset to carry out a valuation based on the analogy with the financial options.

Application of the real options approach to the appraisal of motorway concessions. The abandonment option.