@ARTICLE{Saługa_Piotr_Valuation_2011,
 author={Saługa, Piotr},
 number={No 1},
 journal={Gospodarka Surowcami Mineralnymi - Mineral Resources Management},
 pages={101-113},
 howpublished={online},
 year={2011},
 publisher={Komitet Zrównoważonej Gospodarki Surowcami Mineralnymi PAN},
 publisher={Instytut Gospodarki Surowcami Mineralnymi i Energią PAN},
 abstract={In the last decades Real Options Valuation (ROV) has been gaining a leading role among methods of economic evaluation and risk analysis of projects. This method enables valuation of managerial flexibility which includes postponing investments and reformulating of operating strategies of companies. By doing this, the method delivers higher project values than derived from the classical discount approaches, such as NPV. The value of flexibility may be of lower or greater importance - depending on types, configuration and sequence of occurring real options. Common methods of real options valuation are built on lattice models which approximate continuous stochastic process. One of the most popular techniques used for real options valuation - a marketed asset disclaimer approach (MAD) - is based on the binomial tree. The paper presents valuation of the mineral project with three simultaneous options: option-to-expand, option-to-contract and option-to-abandon.},
 type={Artykuły / Articles},
 title={Valuation of mineral project with simultaneous options},
 URL={http://journals.pan.pl/Content/118914/saluga.pdf},
 keywords={real options, real options valuation, simultaneous options},
}