Japan Association of Real Options and Strategy (JAROS), founded in 2006


Japan Association of Real Options and Strategy (JAROS) is an association of academics, practitioners, and laymen. We are dedicated to advancing knowledge and innovation that facilitate strategic decisions embracing and capitalizing on uncertainty. Uncertainty and risk present a challenge to all human endeavor, and especially, to investment decisions. Investment, a basic human activity, involves deferring todayE½fs pleasure for future security and/or potential benefit. The discipline of Real Options Valuation provides decision makers and policy planners a solid framework and methodology for valuing future risks and potential opportunities. It helps us value positively flexibility and the choices that may arise as a project evolves, instead of being deterred by opacity.

Risk issues addressed by JAROS include insurance, game and agency problems, contracts, and incentive designs.

JAROS also addresses strategic options and market competition, particularly reactions of outside parties where strategic interaction between agents are important. These interactions naturally lead to game-theoretic or industry equilibrium valuation models.

Today, the real options paradigm permeates almost every aspect of decision making and policy formulation. JAROS addresses a wide range of issues including:

  • Real options valuation
  • Asset valuation in incomplete markets
  • Energy and environment, and new business enterprises
  • Entertainment, leisure, and sports enterprises
  • Risk analysis and insurance policy
  • Investment strategy
  • Games and conflict resolution
  • Incentive design of contracts
  • Applied finance and accounting

JAROS Vision:

At JAROS, we aspire to be a premier association for advancing the profession, practice, knowledge, and methodologies of real options and strategy and its related disciplines. We envision a forum in which professionals as well as laymen work together beyond boundaries to take on cutting-edge issues of global concern.

JAROS Mission:

JAROS aims to advance the practice, research, methods, and applications by:

  • Encouraging, facilitating, and rewarding excellence
  • Communicating every aspect of Real Options and Strategy to all appropriate audiences through journals, conferences, the Internet, and other appropriate media
  • Promoting the achievements and capabilities of professionals in Real Options and Strategy to senior management across organizations, policy makers, and the general public
  • Providing career development opportunities to professionals in the Real Options and Strategy field

Journal of Real Options and Strategy (JROS)

This is an official journal published by JAROS and contains peer-reviewed papers in Japanese (or English). The journal is circulated in a digital-form at https://www.jstage.jst.go.jp/browse/realopn/, and its contents can be downloaded worldwide.

International Journal of Real Options and Strategy (IJROS)

This is another journal of JAROS in English-only edition.

The first issue appeared in January 2013 as seen in:


Please visit "Call for Paper, IJROS", for submitting a paper for review.