| Three gorges reservoir area's ecological compensation is the way of keeping basic economic balance, sustainable economic development and social justice. The three gorges valley is taken as important ecological shelters for the environment of the upper and middle reaches of the Yangtze River. It has a direct impact on the local economic development and the production and living costs of the lower reaches of Yangtze River. How to appropriately adjust the economic benefits of the upper and middle reaches of the Yangtze River and how to maximize the welfare of the whole valley is the theme researched in this paper.Taking the compensation for the basin's mineral resources as breakthrough point, this paper has researched the Yangtze River basin's ecological compensation amount, share rate and other key factors by the method of real options, which offers the theoretical basis for compensation mechanism for watershed ecology.The real options method is effective for the basin's ecological compensation, especially the estimation of the value of basin's mineral resources. The mineral resources in upper reaches are significant for the local economical development. To reach overall ecological balances, exploiting the mineral resources is given up to save the ecological environment. So the compensation should be given by the lower reaches for the benefits of the upper reaches to make up for their development opportunity. The compensation quota must be reasonable. Not only can it compensate for opportunity, but also it cannot impose the extra burden on the lower. So it is critical to determine reasonable compensation quota. This paper will choose the mineral resources of Yangtze basin as a determinant factor for determine the compensation quota. But the price of mineral resources is influenced by the state policies, economic environment, other resources'price and some other factors so its price is uncertain. The traditional NPV method has been unable to approach the problems that uncertainty has brought. Real option method has unique advantages when solving the uncertainty problems and it has been extensively applied to solve this kind of problems. Based on the research of fluctuating price of mineral resources, this paper has verified the applicability of real option method in the work of the mineral resources compensationThe conclusions we have made from this paper are: This paper has established a simplified model in evaluation the value of mineral resources based on real option method and the model has been applied on the compensation mechanism for watershed ecology.①In the new share rate framework determined by Rogues growth curve, the standards of ecological compensation that lower reaches of basin should make for the upper reaches were identified. The overall framework of ecological compensation based on mineral resources exploiting by real option method resolved the problem that traditional ecological compensation quota cannot calculate the added value of mineral resources and inadequate compensation share rate.②Considering the price distribution of mineral resources is discrete, the value of mineral resources was analyzed and gained the corresponding value computational method by real option binary tree method. The influence on the region's economic development made by the exploiting of mineral resources not only embodied in the value of mineral resources, but also it has expanded or reduced effect relative to the value on the region's economic development. Ecological compensation mechanism's essence is to balance inter-regional economic development and compensate for the regional economical loss brought by not exploiting its mineral resources. Therefore, the expanded or reduced effects were also taken into full consideration in his paper. In the process of determining compensation amount, the influence factor of the mineral resources on regional economic development was proposed. In the final data analysis of all kinds of resources in Chongqing, the compensation factor and compensation amount appropriate for three gorges reservoir area were eventually fixed.③By analyzing the characteristic of barrier option, the compensation for limiting exploiting mineral resources can be characterized by up on the option. The pricing model of compensation for lower reaches and its solution method were gained by barrier option method according to the detail conditions. The mining cost of the upper reaches and pollution treatment cost of the lower reaches were two key factors affecting compensation amount.④The capital source and the mechanism of share were illustrated from the point of basin's ecological compensation, In the process of establishing compensation mechanism, the ways of sharing ecological compensation between the upper reaches and lower reaches were governmental adjustment and market transaction. As the way of market transaction, the willingness to pay of all beneficiaries or indirect beneficial coefficient were determined by Rouges growth curve model according to Engel's coefficient of the upper and lower reaches of the basin, and ecological value willingness-to- pay model. And the direct beneficial coefficient can be reflected by the quantity ratio of water collection of upper reaches and lower reaches. Then the problem of basin's ecological compensation share rate was addressed. As the way of governmental adjustment, establishing the three gorges reservoir area's ecological compensation fund was proposed in this paper. The scale of ecological compensation fund was mainly determined by three gorges reservoir area's annual capital input for environmental protect and its development opportunity cost. While the share rate of compensation fund should be determined by the upper and lower reaches of three gorges reservoir area. The central government should also bear some amount for national ecological benefit.⑤Some related recommendations on the compensation mechanism for watershed ecology were proposed.The innovation spots of the paper as bellow:①The difficulty in determining compensation standard lied in the estimating development opportunity cost. The uncertainty of mineral resources value was analyzed and corresponding computational method was set by the real option binary tree model and Black-Scholes option pricing model. The calculation method of ecological compensation amount for restricted mining of mineral resources was proposed according to the mineral resources distribution of three gorges reservoir area.②Through observing and analyzing the characteristics of barrier option, up-on-the-option characteristic of the compensation for limiting exploiting mineral resources has been found. The pricing model of compensation for lower reaches and its solution method were gained by barrier option method according to the detail conditions. The mining cost of the upper reaches and pollution treatment cost of the lower reaches were two key factors affecting compensation amount.③According that three gorges reservoir area can be characterized by ecological compensation and important eco-function areas, the compensation was led by government and supplemented by reservoir area and market. The establishing of three gorges reservoir area's ecological compensation fund and its framework were proposed. To be specific, the scale of ecological compensation fund was mainly determined by three gorges reservoir area's annual capital input for environmental protect and its development opportunity cost. While the share rate of compensation fund should be determined by the upper and lower reaches of three gorges reservoir area. The central government should also bear some amount for national ecological benefit.
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