The cost of transportation has a great weight in the decision-making of business agents. The correct choice may provide greater returns in the medium and long term. In the research we tried to approach the Black & Scholes model with twin security procedure (comparison of two models with similar methods). This method absorbs the market oscillations in ex-nunc. Three companies were used: MRS - Logistics S.A. and National Steel Company - CSN for railroad, in relation to the pipeline the company was Anglo Ferrous Brazil subsidiary of Anglo American. The real options model was applied to distinguish the investment in ore pipeline or railroad for the ore transportation in the Brazilian scenario, which was very inflated by the central bank interest rate and on any hypothesis, rail transportation was the best in the period analyzed (2008 to 2016).
ISSN: 2241-0996 (Online)