This option to use inflation to reduce the real value of its debt is not available to states like California because the Fed will not purchase their debt.

因为美联储将不会购买他们的债务，选择通过通货膨胀来减少债务真实价值在加利福尼亚州是行不通的。

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Subsequently, real option is widely exercised in capital budgeting and value evaluating and shows tremendous superiority compared to the traditional capital budget model(DCF).

随后，实物期权被广泛运用于资本预算和价值评估领域，相比传统的资本预算模型（DCF）具有无比优越性。

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But the real option is not free, investors must consider their cost and option value, so it is very important to pricing real option.

由于实物期权并非免费获得，决策者必须在其获得成本与期权价值之间进行权衡，因此实物期权的定价问题就显得尤为重要。

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You can even put a value on that option, using estimates of future volatility in real oil prices and the same formula used to evaluate stock options.

FORBES: Consider Your Options