Real Options and the Design of Global Public Policy Interventions

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Abstract

Global public policy is an unexplored, but very promising area for the application of real options. Global public policy interventions could be valued through the use of real options, like an investment. This assessment could be deployed strategically such as in case of making interventions more attractive for the potential participants or to pre-assess the effectiveness of different policy measures. These possibilities have been already recognized and accepted in the literature of public policy, but not very well-known to the field of global public policy. In this paper it is demonstrated why real options is very suitable for global public policy and this is demonstrated on the basis of three specific domains: global warming, migration and privacy.

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