화학공학소재연구정보센터
Energy Journal, Vol.19, No.4, 133-142, 1998
Simple analytics of valuing producing petroleum reserves
We modify the approach to valuing mineral reserves that is current in economic literature by considering a net-present-value rule under uncertainty. Direct application of Hotelling's rule is found to be inappropriate. The modification is such that the present value is approximately half that proposed by the Hotelling Valuation principle.