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Investment decisions and emissions trading

In: Emissions Trading

Author

Listed:
  • Heinz Eckart Klingelhöfer

    (Lehrstuhl für Allgemeine Betriebswirtschaftslehre und Betriebliche Finanzwirtschaft insbesondere Unternehmensbewertung)

Abstract

The presented model offers a general approach to valuating investments with special regard to tradable emissions permits and uncertainty. By deriving the payments required for a financial valuation from production theory and production planning and by applying duality theory, it is possible to identify the determinants of the price ceiling for an investment. Certain discrete option pricing models can be derived as special cases. Sensitivity analysis shows that tradable permits have several effects on an investment and do not always encourage environmentally beneficial investments – in particular cases they even may be counterproductive.

Suggested Citation

  • Heinz Eckart Klingelhöfer, 2008. "Investment decisions and emissions trading," Springer Books, in: Ralf Antes & Bernd Hansjürgens & Peter Letmathe (ed.), Emissions Trading, pages 149-164, Springer.
    • Handle: RePEc:spr:sprchp:978-0-387-73653-2_10
    DOI: 10.1007/978-0-387-73653-2_10
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