Abstract We analyze the case of the Rio de Janeiro International Airport concession, which suffered severe financial difficulties after it posted the highest auction bid premium of the 2011–2013 Brazilian government airport privatization program. Given that this airport had significant potential for future expansion, we investigate whether this could have justified the high bid, or whether the value of this flexibility was overestimated. The concession is analyzed using the real options approach because these expansion opportunities have option-like characteristics. The results suggest that these options may have been overpriced, because they are insufficient to justify the bid premium offered.

中文翻译：

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里约热内卢国际机场私有化：一个竞标问题？

摘要我们分析了里约热内卢国际机场特许经营的案例，该特许经营在公布了2011-2013年巴西政府机场私有化计划的最高竞价溢价后遭受了严重的财务困难。考虑到该机场具有未来扩展的巨大潜力，我们将调查这是否可以证明高出价的合理性，或者这种灵活性的价值是否被高估了。使用实物期权方法分析特许权，因为这些扩展机会具有类似期权的特征。结果表明，这些期权价格可能过高，因为它们不足以证明所提供的出价溢价是合理的。