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Do economic advances spring directly from fundamental scientific discoveries? The early history of the transistor suggests that the situation is not nearly so simple as this.
Is the most profit to be had from research inspired by curiosity or by foresight of practical applications? A recent suggestion that the answer could be found by evaluating curiosity-oriented projects has proved hard to follow up.
The purpose of this thesis is to analyze the specific project value of a chemical company that undertook a major expansion in the late 1990s. The actual details of the investment were unique and conditional on the level of cumulative internal rate of return for the project. This thesis evaluates the project value and the terms of the project financing using… (More)