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On the evaluation of infrastructure investments: the case of electricity generation

  • Per-Olov JOHANSSON

    ()

  • Bengt KRISTRÖM

    ()

  • Kaj NYSTRÖM

    ()

We derive general equilibrium cost-benefit rules for investment in a small power plant that needs (or does not need) carbon emission permits for production. Both atemporal and intertemporal models are considered, the latter showing e. g. that there exists a kind of option value also under certainty. Finally we introduce uncertainty by briefly discussing the concepts of quasi-option and option values and a switching possibility that is available for flexible power plants like hydropower ones which can easily be turned on and turned off.

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File URL: http://wp.demm.unimi.it/tl_files/wp/2009/DEMM-2009_024wp.pdf
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Paper provided by Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano in its series Departmental Working Papers with number 2009-24.

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Date of creation: 07 Oct 2009
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Handle: RePEc:mil:wpdepa:2009-24
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