Abstract Recent research on real options does not only consider optimal investment decisions under risk, but also under ambiguity. However, most models that allow for ambiguity are generally not dynamically consistent. Examples are, among others, the α -MEU model, the imprecision aversion model, or the NMEU model. Dynamic consistency is however required to solve optimal stopping real options problems analytically or in closed-form. This paper highlights the resulting difficulties, which are often overlooked, exemplarily for the NMEU model.

中文翻译：

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真实选项、歧义和动态一致性——技术说明

摘要 最近对实物期权的研究不仅考虑了风险下的最优投资决策，而且还考虑了模糊性下的最优投资决策。然而，大多数允许歧义的模型通常不是动态一致的。示例包括 α -MEU 模型、不精确厌恶模型或 NMEU 模型。然而，需要动态一致性以分析或以封闭形式解决最优停止实物期权问题。本文重点介绍了由此产生的困难，这些困难经常被忽视，例如 NMEU 模型。