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Firm X and Firm Y are considering an investment in natural gas wells in Texas. Both firms are looking at the exact same project in

Firm X and Firm Y are considering an investment in natural gas wells in Texas. Both firms are looking at the exact same project in the Permian Basin. That is, both firms face identical operating costs and cash flows for this project. However, one firm would accept the project while the other would not. How is this possible?

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