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Quantificação do momento de investir em ativos minerais por meio da teoria das opções reais

Traditional methods of investment analysis based upon the discount cash flow present serious constraints and limitations when they are used for evaluation of management flexibility and timing of exploration and production investments projects of mineral assets and incorporating future price trends. In this paper a real options approach is used to quantify the timing in an exploration and production oil project using a geometric Brownian model to forecast the behavior of oil price, the critical variable of the project.

Real options; project evaluation; uncertainty analysis


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