Who can benefit from multi-license oil concessionaires valuation?
研究公共机构与多个潜在特许权持有者之间的互动，通过动态随机优化模型确定最优征收价格，并应用于意大利南部油田，发现协议符合共同利益且最优征收价值较高。
In this paper, we study the interactions between a public body and several potential concession holders. We propose a dynamic stochastic optimization problem providing the optimal exercise price of the “expropriation” option, which safeguards the social interest from over-exploitation of the resource. Other crucial quantities are also determined, such as the optimal value of the option and the condition for mutual convenience to enter the deal. We apply the model to a Southern Italy oilfield finding that the deal was in the common interest and that the optimal expropriation value is quite high.