Analiza projektu inwestycyjnego z opcją wycofania się z przedsięwzięcia wielofazowego oraz opcją likwidacji
Economic evaluation of an investment project with the time-to-build & abandonment options

Summary/Abstract: In the last decades economic evaluation of projects has been associated with the broader use of real options analysis. ROA is consequently being adopted both by the industry and financial sector. The growing popularity of this method is substantially caused by algo¬rithm simplification which is realized through the use of lattice models and the marketed asset disclaimer. Real options analysis is becoming slowly a valuation standard required by banks and financial institutions. The paper yields a hard coal project valuation with a rare compound time-to-build option and an abandonment option in the multiplicative binomial model.

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