2015-11-0620141657-4206http://hdl.handle.net/10784/7627This purpose of this research is to identify appropriate rates to discount the flows from real options in situations in which the risk-free rate does not apply, in particular, in incomplete markets.  A methodology is proposed for valuing real options based on certainty equivalence, which requires as a principal condition the consideration of preferences represented with utility functions.  A constant relative risk aversion (CRRA) utility function is used to represent these preferences. The results indicate that this methodology adequately reflects how the value of a real option changes in accordance with an investor´s preferences.engopenAccessThis work is licensed under a Creative Commons Attribution 3.0 License. articleinfo:eu-repo/semantics/openAccessreal optionsutility functioncertainty equivalentincomplete marketsCRRAAcceso abierto2015-11-06Maya Ochoa, CeciliaPareja Vasseur, Julián