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[pt] Este trabalho tem por objetivo analisar um projeto de exploração e produção de petróleo típico do pré-sal brasileiro em processo de unitização que possui incertezas técnicas e de mercado e flexibilidade gerencial para adiar o investimento. Esse tipo de projeto, na maioria das empresas, é valorado através dos métodos tradicionais de análise econômica financeira. Já se sabe, no entanto, que quando se tem incertezas e flexibilidade gerencial, existem opções associadas, que tem o potencial de aumentar o valor dos ativos. Foi realizada uma aplicação numérica a um campo de petróleo hipotético através da metodologia de opções reais utilizando dados típicos da indústria. Foi avaliada a alternativa de adquirir informação de reservatório através da realização de um teste de longa duração (TLD), com intuito de reduzir as incertezas técnicas antes da unitização e elaboração do plano de desenvolvimento do campo. Considerando a opção de postergar o investimento no projeto para a realização do TLD, foi possível analisar também o impacto da incerteza de mercado que é, neste caso, o preço futuro do petróleo. Os resultados do estudo indicam que, para todas as partes envolvidas, é ótimo esperar e investir em informação antes de fechar o processo de unitização. Como contribuição, esta dissertação propõe a aplicação de um modelo de opções reais que analisa o valor da informação e o momento ótimo de investimento. Com isso foi possível determinar oVPL de um projeto de desenvolvimento da produção de um campo de petróleoque traz o maior retorno para todas as partes envolvidas. / [en] This paper analyzes a typical pre-salt oil exploration and production project under an unitization process that has technical and market uncertainties and managerial flexibility to defer the investment. This type of project in most companies is valued through traditional methods of economic and financial analysis. It is known, however, that when there are uncertainties and managerial flexibility, there are associated options that have the potential to increase the value of the project. A numerical application to a hypothetical oil field was made using industry-typical data under the real options approach. The alternative of acquiring reservoir information through an extended well test (EWT) was evaluated in order to reduce technical uncertainties before the unitization process and the draw up of the field development plan. Considering the option to defer the investment in order to do the EWT, it was also possible to analyze the impact of the market uncertainty, which in this case are the future oil prices. The results of the study indicate that, for all stakeholders, waiting and investing in information before finalizing the unitization process is optimal. As a contribution, this dissertation proposes the application of a real option model which analyzes the value of information and the optimal investment timing. With this, it was possible to determine the NPV of an oil field development project that provides the highest return to all stakeholders.

Franklin Delano Roosevelt (FDR) was the longest serving president in the history of the United States, and he served during the U.S.’s worst economic crisis. During his tenure, approximately 80,000 public school teachers were left unemployed and 145,700 students had their schools closed. Furthermore, public schools and their teachers were under attack for the large number of unemployed and illiterate people. Despite these public school challenges, the literature rarely mentions FDR’s reactions or thoughts; instead, the literature focuses on the Civilian Conservation Corps (CCC) and the National Youth Administration (NYA), two New Deal youth programs. The New Deal assisted many institutions, and educators assumed public schools would also receive assistance. Under FDR, the federal government became increasingly involved in the lives of its citizens in terms of housing, food, transportation, and employment, but it did not increase its involvement in education. In this dissertation, I decipher FDR’s educational policies by analyzing his administrative actions that supported or hindered education from 1933-1940. In particular, did FDR’s governmental programs emphasize or encourage the education of youth? Did his administrative decisions support public schools? What was FDR’s policy towards federal aid to education and why? Additionally, by analyzing how educational policies were developed within FDR’s administration, educators today will better discern how they can influence policies during each step of the policymaking process. In doing so, educators will be better prepared and positioned to support American schools.