실물옵션 가격결정법을 이용한 도시광산사업의 경제성 분석: 정부의 전략적 R&D 투자방향 설정에 관한 연구.

Abstract

Utilization of resources has been of great interest in these days, particularly in waste metal resources. Although a large amount of waste are generated in every year, such precious elements from the wastes has only in part been recycled or recovered in practice. The government must pay more attend to the utilization of waste metals, and support technical development, policy implications and establishment of the national data base. As a possible alternative to DCF (Traditional Discounted Cash Flow Method), OPM (Option Pricing Model) has drawn academic attentions for the last a few decades. However, it has failed to replace traditional DCF method practically due to its mathematical complexity. This paper introduces a Real Option Approach specifically adjusted for the Unban Mining (Recycling Waste Metal Resources) Projects. We add market information and industry-specific features into the model so that the model remains objective as well as realistic after the adjustment. To improve the adaptability of Real Option Approach specifically to the Unban Mining Projects, we use Monte Carlo Simulation and Binomial Option Pricing Model for the analysis. Although the model introduced in this paper is still simple and reflects limited reality, we expect an improvement in applicability of Real Option Approach for the evaluation of Urban Mining Projects.