Analysis of investment and R&D strategies evolution in wind-solar-hydrogen integration projects: A perspective of institutional investor networks

Wind-solar hydrogen production, as an important path for green hydrogen production, has been developed more slowly on a large scale. Considering the influence of information diffusion and resource orchestration carried by social relations and the interactive mechanism of investor behavior, this study constructs a complex network game model of investor investment and research & development (R&D) strategies from the perspective of the institutional investor network. It analyzes the influence mechanism of subsidy policy on investment and collaborative R&D behaviors under the network structure, to promote the efficient development of the wind-solar-hydrogen integration project (WSHIP). It was found that cooperative subsidies are more likely to be inhibited by the highly modular structure of the network and need to be used in conjunction with investment subsidies at this stage. High investment subsidies lead to “take subsidies, no collaboration” at the stage of technology maturity or when externalities are high. High initial investment ratio, high technology maturity, high externalities, and high network density can stimulate investment and collaborative behavior to some extent. Improvements in network connectivity can promote investment and collaborative R&D even when both types of subsidies are low. In addition, targeted incentives for key investors across communities can promote overall investment and collaborative R&D behavior.