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Project Options - Your midrange guess as to the amount of oil in a prospective field is 10M Barrels, but in fact there is a 50% chance that the amount of oil is 15M Barrels and a 50% chance of 5M Barrels. If the actual amount of oil is 15M Barrels, the present value of the cash flows from drilling will be $8M. If the amount is only 5M barrels, the present value will only be $2M. It costs $3M to drill the well. Suppose that a seismic test costing $100k can verify the amount of oil under the ground. Is it worth pay for the test? Use a decision tree to justify the answer.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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