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The Effects of Environmental Studies Requirement on the Investment Decision Process Under Real Options Approach: A Case Study of Recent Brazilian Petroleum Industry.

机译:实物期权法下环境研究要求对投资决策过程的影响:以巴西最近的石油工业为例。

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Investment analysis based solely on the NPV criteria may notrnalways promote an efficient resource allocation because of itsrninability to incorporate implicit management’s options presentrnduring the project’s life. On the other hand, real options modelrnmay produce more realistic results by incorporating valuernderived from the interaction of uncertainty, irreversibility, andrnmanagerial freedom. This paper explores the results of bothrntraditional discounted cash flow and real options models inrnapproaching the problem of delays in the start up of oilrnproduction due to additional environmental requirements.
机译:仅基于NPV标准的投资分析可能无法始终促进资源的有效分配,因为它无法纳入项目生命周期中隐含的管理选项。另一方面,实物期权模型可以通过结合来自不确定性,不可逆性和管理自由度相互作用的价值来产生更现实的结果。本文探讨了传统折现现金流量和实物期权模型的结果,这些模型解决了由于额外的环境要求而导致的石油生产启动延迟问题。

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