Option Premiums in Mineral Asset Pricing: Are They Important?
调查了矿产资产中与最优管理相关的期权溢价的实证量化尝试，发现期权溢价最多能解释DCF价值与市场价值之间差距的一半，且对资产总价值贡献不超过3%，表明其影响是次要的。
Mineral assets consistently trade at market values greater than their discounted cash flow (DCF) values. One explanation is that DCF analysis does not and cannot incorporate the asset value generated by asset management under uncertainty. This paper surveys the attempts to empirically quantify the "option premium" associated with optimal mineral asset management. The option premium appears to explain at most half of the observed gap between DCF value and market value, and adds at most 3 percent to a mineral asset's gross worth. Asset management option premiums therefore have only a second-order impact on mineral asset pricing.