Option Valuation of Claims on Real Assets: The Case of Offshore Petroleum Leases
扩展金融期权理论，提出评估海上石油租约等实物资产权利金的方法，强调结合期权定价与市场均衡模型，优于传统贴现现金流法，对公司决策和政府政策有重要启示。
This paper extends financial option theory by developing a methodology for the valuation of claims on a real asset: an offshore petroleum lease. Several theoretical and practical problems, not present in applying option pricing theory to financial assets, are addressed. Most importantly, we show the necessity of combining option pricing techniques with a model of equilibrium in the market for the underlying asset (petroleum reserves). The advantages of this approach over conventional discounted cash flow techniques are emphasized. The methodological development provides important insights for both company behavior and government policy. Promising empirical results are reported.