|
Denne identifikatoren kan du bruke til å sitere eller lenke til denne innførselen:
http://hdl.handle.net/2282/362
|
| Tittel: | Investment cost estimates and investment decisions |
| Forfattere: | Emhjellen, Kjetil
Emhjellen, Magne
Osmundsen, Petter |
| Emneord: | Investeringer
Kostnader
Kostnadsanalyser
Petroleumsøkonomi |
| Dato: | 2002 |
| ???metadata.dc.relation.publisherversion???: | http://dx.doi.org/10.1016/S0301-4215(01)00065-9 |
| Sitering: | Energy policy 30(2002), No. 2, p. 91-96 |
| Sammendrag: | When evaluating new investment projects, oil companies traditionally use the discounted cashflow method. This method requires
expected cashflows in the numerator and a risk-adjusted required rate of return in the denominator in order to calculate net present
value. The capital expenditure (CAPEX) of a project is one of the major cashflows used to calculate net present value. Usually the
CAPEX is given by a single cost figure, with some indication of its probability distribution. In the oil industry and many other
industries, it is a common practice to report a CAPEX that is the estimated 50/50 (median) CAPEX instead of the estimated
expected (expected value) CAPEX. In this article, we demonstrate how the practice of using a 50/50 (median) CAPEX, when the cost
distributions are asymmetric, causes project valuation errors and therefore may lead to wrong investment decisions with acceptance
of projects that have negative net present values. |
| URI: | http://hdl.handle.net/2282/362 |
| ISSN: | 0301-4215 |
| Vises i samlingene: | Institutt for prosess-, energi- og miljøteknologi
|
Alle innførsler i DSpace er beskyttet av opphavsrett
|
|
