问一道题：NO.PZ2018101501000019

问题如下：

Statement 1: A given project shouldn`t include both an expansion option and an abandonment option because we cannot exercise them simultaneously.

Statement 2: The risk-free rate should be used as the required rate of return for all the projects when evaluating the capital budgeting proposals.

Which of the above statements is correct?

选项：

Neither 1 nor 2.

Both 1 and 2.

Only 1.

解释：

A is correct.

考点：Evaluating Projects with Real Options

解析：同一个项目中可以既包含扩张期权也包含放弃期权，即使两个期权不能同时执行，但可以同时为项目增加价值。如果未来需求很高，我们就执行扩张期权；如果未来需求较低，我们就可以执行放弃期权。因此statement 1的表述是错误的。在评估不同项目时，不能统一使用无风险利率作为折现率，因为这样无法体现出具体项目的特有风险。因此statement 2的表述也是错误的。