This study aims to demonstrate the application of simulation techniques to the valuation of real options. The nature of the paper is methodological and empirical. The purpose of the valuation of the option to close a lignite mine in Poland is to demonstrate the methodology and advantages of employing Monte Carlo simulation in the valuation of real options. Close to actual numerical data reveals a complex optimization problem in the context of strategy selection by decisionmakers. Numerous factors (extraction costs, reclamation costs, the write-off for the reclamation fund, etc.), their interpenetration and multilevel influence on the decision to close the mine early enables simulation methods to demonstrate their valuation capabilities. The valuation techniques used in the paper, particularly the simulation comparative valuation method, are described in detail and are rooted in the literature and theory of finance.
The paper presents the energy performance of a single-family house located in Domaszowice, the Kielce poviat. The analyzed object has been put into use in 2010 year. Due to the devices using non-renewable energy sources, installed in the building for the needs of hot tap water and central heating, for servicing, which human presence is necessary, two thermomodernizations were performed. The purpose of the calculations was to indicate the financial benefi ts, i.e. to reduce the costs of maintaining the home and to provide its residents with proper comfort of use of the building, bearing in mind also the health aspect. Changes have been proposed to reduce the demand for non-renewable primary energy of EP using renewable energy sources. As a result, the energy-efficient building that meets WT 2017 was obtained. The Certo 2015 program was used in the analysis.
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