This paper examines the difference in the net present values (NPV's) of North sea oil projects obtained using discounted cashflow methods based on the Weighted Average Cost of Capital (WACC) and a Modern Asset Pricing (MAP) method (Laughton and Jacoby, 1993; Jacoby and Laughton, 1992).

In linear programming problems the shadow price of a constraint is the difference between the optimised value of the objective function and the value of the ojective function, evaluated at the optional basis, when the right hand side (RHS) of a constraint is increased by one unit. It may be...

In Australia, the state water Acts and related legislation determine the broad outline of property rights governing the water entitlements of irrigators and rural towns. Thus, these water rights may be described as state property regimes (Bromley 1991, p. 23). Irrigators, however, operate in a...