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Investment risks under uncertain climate change policy

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  • Blyth, William
  • Bradley, Richard
  • Bunn, Derek
  • Clarke, Charlie
  • Wilson, Tom
  • Yang, Ming
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    Abstract

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    File URL: http://www.sciencedirect.com/science/article/B6V2W-4PFDPNY-1/2/69e44caf1745e2e072cc26fda459d35d
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    Bibliographic Info

    Article provided by Elsevier in its journal Energy Policy.

    Volume (Year): 35 (2007)
    Issue (Month): 11 (November)
    Pages: 5766-5773

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    Handle: RePEc:eee:enepol:v:35:y:2007:i:11:p:5766-5773

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    Web page: http://www.elsevier.com/locate/enpol

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Geoffrey Rothwell, 2006. "A Real Options Approach to Evaluating New Nuclear Power Plants," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 87-54.
    2. Black, Fischer & Scholes, Myron S, 1973. "The Pricing of Options and Corporate Liabilities," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 637-54, May-June.
    3. Pindyck, Robert S., 1986. "Irreversible investment, capacity choice, and the value of the firm," Working papers 1802-86., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    4. Robert S. Pindyck, 1991. "Irreversibility, Uncertainty, and Investment," NBER Working Papers 3307, National Bureau of Economic Research, Inc.
    5. Robert S. Pindyck, 1993. "Investments of Uncertain Cost," NBER Working Papers 4175, National Bureau of Economic Research, Inc.
    6. Hlouskova, Jaroslava & Kossmeier, Stephan & Obersteiner, Michael & Schnabl, Alexander, 2005. "Real options and the value of generation capacity in the German electricity market," Review of Financial Economics, Elsevier, vol. 14(3-4), pages 297-310.
    7. Luke Reedman & Paul Graham & Peter Coombes, 2006. "Using a Real-Options Approach to Model Technology Adoption Under Carbon Price Uncertainty: An Application to the Australian Electricity Generation Sector," The Economic Record, The Economic Society of Australia, vol. 82(s1), pages S64-S73, 09.
    8. McDonald, Robert & Siegel, Daniel, 1986. "The Value of Waiting to Invest," The Quarterly Journal of Economics, MIT Press, vol. 101(4), pages 707-27, November.
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    Cited by:
    1. Bazilian, Morgan & Hobbs, Benjamin F. & Blyth, Will & MacGill, Iain & Howells, Mark, 2011. "Interactions between energy security and climate change: A focus on developing countries," Energy Policy, Elsevier, vol. 39(6), pages 3750-3756, June.
    2. Timo Busch & Nils Lehmann & Volker H. Hoffmann, 2012. "Corporate Social Responsibility, Negative Externalities, and Financial Risk: The Case of Climate Change," Tinbergen Institute Discussion Papers 12-102/IV/DSF40, Tinbergen Institute.
    3. Kann, Shayle, 2009. "Overcoming barriers to wind project finance in Australia," Energy Policy, Elsevier, vol. 37(8), pages 3139-3148, August.
    4. Busch, Timo & Weinhofer, Georg & Hoffmann, Volker H., 2011. "The carbon performance of the 100 largest US electricity producers," Utilities Policy, Elsevier, vol. 19(2), pages 95-103, June.
    5. Schenker, Oliver, 2011. "How uncertainty reduces greenhouse gas emissions," MPRA Paper 29591, University Library of Munich, Germany.
    6. Shahnazari, Mahdi & McHugh, Adam & Maybee, Bryan & Whale, Jonathan, 2014. "Evaluation of power investment decisions under uncertain carbon policy: A case study for converting coal fired steam turbine to combined cycle gas turbine plants in Australia," Applied Energy, Elsevier, vol. 118(C), pages 271-279.
    7. Evar, Benjamin, 2011. "Conditional inevitability: Expert perceptions of carbon capture and storage uncertainties in the UK context," Energy Policy, Elsevier, vol. 39(6), pages 3414-3424, June.
    8. Lambie, N. Ross, 2009. "The role of real options analysis in the design of a greenhouse gas emissions trading scheme," 2009 Conference (53rd), February 11-13, 2009, Cairns, Australia 47626, Australian Agricultural and Resource Economics Society.
    9. Lane, Lee & Montgomery, David, 2008. "Political Institutions and Greenhouse Gas Controls," Working paper 96, Regulation2point0.
    10. Zhang, Dongjie & Liu, Pei & Ma, Linwei & LI, Zheng, 2013. "A multi-period optimization model for planning of China's power sector with consideration of carbon dioxide mitigation—The importance of continuous and stable carbon mitigation policy," Energy Policy, Elsevier, vol. 58(C), pages 319-328.
    11. Takanobu Kosugi, 2010. "Assessments of ‘Greenhouse Insurance’: A Methodological Review," Asia-Pacific Financial Markets, Springer, vol. 17(4), pages 345-363, December.
    12. Neil Ross Lambie, 2010. "Understanding the effect of an emissions trading scheme on electricity generator investment and retirement behaviour: the proposed Carbon Pollution Reduction Scheme," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 54(2), pages 203-217, 04.
    13. Westner, Günther & Madlener, Reinhard, 2010. "Investment in New Power Generation under Uncertainty: Benefits of CHP vs Condensing Plants in a Copula-Based Analysis," FCN Working Papers 12/2010, E.ON Energy Research Center, Future Energy Consumer Needs and Behavior (FCN).
    14. Timo Busch & Volker Hoffmann, 2009. "Ecology-Driven Real Options: An Investment Framework for Incorporating Uncertainties in the Context of the Natural Environment," Journal of Business Ethics, Springer, vol. 90(2), pages 295-310, December.
    15. Pahle, Michael & Fan, Lin & Schill, Wolf-Peter, 2011. "How emission certificate allocations distort fossil investments: The German example," Energy Policy, Elsevier, vol. 39(4), pages 1975-1987, April.
    16. Silvia Albrizio & Helia Costa, 2012. "Policy Uncertainty and Investment in Low-Carbon Technology," Economics Working Papers ECO2012/27, European University Institute.
    17. Timo Busch & Nils Lehmann & Volker H. Hoffmann, 2012. "Corporate Social Responsibility, Negative Externalities, and Financial Risk: The Case of Climate Change," Tinbergen Institute Discussion Papers 12-102/IV/DSF40, Tinbergen Institute.
    18. Daniel Ziegler & Katrin Schmitz & Christoph Weber, 2012. "Optimal electricity generation portfolios," Computational Management Science, Springer, vol. 9(3), pages 381-399, August.
    19. Cyril Monnet & Ted Temzelides, 2014. "Monetary Emissions Trading Mechanisms," CESifo Working Paper Series 4633, CESifo Group Munich.
    20. Robert Lempert & Shawn McKay, 2011. "Some thoughts on the role of robust control theory in climate-related decision support," Climatic Change, Springer, vol. 107(3), pages 241-246, August.
    21. Marschinski, Robert & Edenhofer, Ottmar, 2010. "Revisiting the case for intensity targets: Better incentives and less uncertainty for developing countries," Energy Policy, Elsevier, vol. 38(9), pages 5048-5058, September.
    22. Svensson, Elin & Berntsson, Thore & Strömberg, Ann-Brith & Patriksson, Michael, 2009. "An optimization methodology for identifying robust process integration investments under uncertainty," Energy Policy, Elsevier, vol. 37(2), pages 680-685, February.

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