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Applying real options in investment decisions relating to environmental pollution

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  • Lin, Tyrone T.
  • Ko, Chuan-Chuan
  • Yeh, Hsin-Ni

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Bibliographic Info

Article provided by Elsevier in its journal Energy Policy.

Volume (Year): 35 (2007)
Issue (Month): 4 (April)
Pages: 2426-2432

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Handle: RePEc:eee:enepol:v:35:y:2007:i:4:p:2426-2432

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References

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  1. Henry, Claude, 1974. "Investment Decisions Under Uncertainty: The "Irreversibility Effect."," American Economic Review, American Economic Association, vol. 64(6), pages 1006-12, December.
  2. Mao, Xianqiang & Guo, Xiurui & Chang, Yongguan & Peng, Yingdeng, 2005. "Improving air quality in large cities by substituting natural gas for coal in China: changing idea and incentive policy implications," Energy Policy, Elsevier, vol. 33(3), pages 307-318, February.
  3. Schimmelpfennig, David, 1995. "The option value of renewable energy: The case of climate change," Energy Economics, Elsevier, vol. 17(4), pages 311-317, October.
  4. Winsen, Joseph K., 1996. "Project NPV as a portfolio of derivative securities A discrete time analysis," Resources Policy, Elsevier, vol. 22(3), pages 161-171, September.
  5. Mensink, Paul & Requate, Till, 2005. "The Dixit-Pindyck and the Arrow-Fisher-Hanemann-Henry option values are not equivalent: a note on Fisher (2000)," Resource and Energy Economics, Elsevier, vol. 27(1), pages 83-88, January.
  6. Abdel Sabour, Sabry A., 1999. "Decision making with option pricing and dynamic programming: development and application," Resources Policy, Elsevier, vol. 25(4), pages 257-264, December.
  7. Nordhaus, William D, 1991. "To Slow or Not to Slow: The Economics of the Greenhouse Effect," Economic Journal, Royal Economic Society, vol. 101(407), pages 920-37, July.
  8. Samis, Michael & Davis, Graham A. & Laughton, David & Poulin, Richard, 2005. "Valuing uncertain asset cash flows when there are no options: A real options approach," Resources Policy, Elsevier, vol. 30(4), pages 285-298, December.
  9. Baudry, Marc, 1999. "Stock externalities and the diffusion of less polluting capital: an option approach," Structural Change and Economic Dynamics, Elsevier, vol. 10(3-4), pages 395-420, December.
  10. Wirl, Franz, 2006. "Consequences of irreversibilities on optimal intertemporal CO2 emission policies under uncertainty," Resource and Energy Economics, Elsevier, vol. 28(2), pages 105-123, May.
  11. Anthony Fisher & Urvashi Narain, 2003. "Global Warming, Endogenous Risk, and Irreversibility," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 25(4), pages 395-416, August.
  12. Fisher, Anthony C., 2000. "Investment under uncertainty and option value in environmental economics," Resource and Energy Economics, Elsevier, vol. 22(3), pages 197-204, July.
  13. Pindyck, Robert S., 2002. "Optimal timing problems in environmental economics," Journal of Economic Dynamics and Control, Elsevier, vol. 26(9-10), pages 1677-1697, August.
  14. Falk Ita & Mendelsohn Robert, 1993. "The Economics of Controlling Stock Pollutants: An Efficient Strategy for Greenhouse Gases," Journal of Environmental Economics and Management, Elsevier, vol. 25(1), pages 76-88, July.
  15. Maddison, David, 1995. "A cost-benefit analysis of slowing climate change," Energy Policy, Elsevier, vol. 23(4-5), pages 337-346.
  16. Peck, Stephen C. & Teisberg, Thomas J., 1993. "Global warming uncertainties and the value of information: an analysis using CETA," Resource and Energy Economics, Elsevier, vol. 15(1), pages 71-97, March.
  17. Abdel Sabour, S. A., 2001. "Dynamics of threshold prices for optimal switches: the case of mining," Resources Policy, Elsevier, vol. 27(3), pages 209-214, September.
  18. Laurikka, Harri & Koljonen, Tiina, 2006. "Emissions trading and investment decisions in the power sector--a case study in Finland," Energy Policy, Elsevier, vol. 34(9), pages 1063-1074, June.
  19. Pindyck, Robert S., 2000. "Irreversibilities and the timing of environmental policy," Resource and Energy Economics, Elsevier, vol. 22(3), pages 233-259, July.
  20. John R. Birge & Charles H. Rosa, 1996. "Incorporating Investment Uncertainty into Greenhouse Policy Models," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 79-89.
  21. Baranzini, Andrea & Chesney, Marc & Morisset, Jacques, 2003. "The impact of possible climate catastrophes on global warming policy," Energy Policy, Elsevier, vol. 31(8), pages 691-701, June.
  22. Arrow, Kenneth J & Fisher, Anthony C, 1974. "Environmental Preservation, Uncertainty, and Irreversibility," The Quarterly Journal of Economics, MIT Press, vol. 88(2), pages 312-19, May.
  23. Frimpong, Samuel & Whiting, Jerry M, 1997. "Derivative mine valuation: strategic investment decisions in competitive markets," Resources Policy, Elsevier, vol. 23(4), pages 163-171, December.
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Citations

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Cited by:
  1. Yang, Ming & Blyth, William & Bradley, Richard & Bunn, Derek & Clarke, Charlie & Wilson, Tom, 2008. "Evaluating the power investment options with uncertainty in climate policy," Energy Economics, Elsevier, vol. 30(4), pages 1933-1950, July.
  2. Yang, Ming & Nguyen, François & De T'Serclaes, Philippine & Buchner, Barbara, 2010. "Wind farm investment risks under uncertain CDM benefit in China," Energy Policy, Elsevier, vol. 38(3), pages 1436-1447, March.
  3. Li, Shoude, 2013. "Emission permit banking, pollution abatement and production–inventory control of the firm," International Journal of Production Economics, Elsevier, vol. 146(2), pages 679-685.
  4. Makropoulou, Vasiliki & Dotsis, George & Markellos, Raphael N., 2013. "Environmental policy implications of extreme variations in pollutant stock levels and socioeconomic costs," The Quarterly Review of Economics and Finance, Elsevier, vol. 53(4), pages 417-428.
  5. 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.
  6. Bayer, Patrick & Marcoux, Christopher & Urpelainen, Johannes, 2013. "Leveraging private capital for climate mitigation: Evidence from the Clean Development Mechanism," Ecological Economics, Elsevier, vol. 96(C), pages 14-24.
  7. Saltari, Enrico & Travaglini, Giuseppe, 2011. "The effects of environmental policies on the abatement investment decisions of a green firm," Resource and Energy Economics, Elsevier, vol. 33(3), pages 666-685, September.
  8. Giuseppe Travaglini, 2012. "Pollution control: targets and dynamics," Working Papers 1201, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2012.
  9. Elmar Lukas & Andreas Welling, 2012. "vestment Timing and Eco(nomic)-Efficiency of Climate-Friendly Investments in Supply Chains," FEMM Working Papers 120026, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management.
  10. Travaglini, Giuseppe & Saltari, Enrico, 2012. "A model of waste control and abatement capital: Permanent versus temporary environmental policies," MPRA Paper 36522, University Library of Munich, Germany.
  11. Enrico Saltari & Giuseppe Travaglini, 2013. "Optimal Waste Control with Abatement and Productive Capital Stocks," Working Papers 1301, University of Urbino Carlo Bo, Department of Economics, Society & Politics - Scientific Committee - L. Stefanini & G. Travaglini, revised 2013.
  12. Saltari, Enrico & Travaglini, Giuseppe, 2011. "Optimal abatement investment and environmental policies under pollution uncertainty," MPRA Paper 35072, University Library of Munich, Germany.
  13. Lin, Tyrone T. & Huang, Shio-Ling, 2010. "An entry and exit model on the energy-saving investment strategy with real options," Energy Policy, Elsevier, vol. 38(2), pages 794-802, February.

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