Many academics strongly advocate using real options in valuation of intangible assets. See, for example, this article (Dealing with Intangibles Damodaran.pdf). Although the article does not talk about real options, it shows how tricky it is to value such intangible asset as the company's reputation (or its loss). Nevertheless, this method is not used in practice very often. In your opinion, what are the reasons for not seeing real option valuations of intangibles more often?