On Using Current Information to Value Hard-Rock Mineral Properties
改进了Hotelling估值原则，使其适用于硬岩矿产的生产特性，新模型数据需求少且估值更准确，比原模型低约40%，为矿产估值提供了更实用的方法。
We reformulate the "Hotelling valuation principle" to take into account the special production characteristics of hard-rock minerals. The data requirements of the revised model are still parsimonious, but the resultant valuations are some 40% below those produced by the Hotelling valuation principle. Our valuation equations are also "user-friendly, " allowing the valuer to specify price and cost expectations that need not comply with the Hotelling rule. Empirically, our model provides estimates of market value for producing mineral properties that are more accurate than those produced by the Hotelling valuation principle. © 1998 by the President and Fellows of Harvard College and the Massachusetts Institute of Technolog