Which of the following statements is FALSE?

a.

Due to the option to wait, an investment that currently has a negative NPV can have a positive value.

b.

If there is a lower level of uncertainty regarding what the value of the investment will be in the future, the option to wait will be less valuable.

c.

It is easy to ignore or understate the importance of the option to abandon. In many applications, killing an economically unsuccessful venture can add more value than starting a new venture.

d.

As real options can be very valuable, it is common for real options to be traded in competitive markets.