Structural estimation of switching costs for peaking power plants
作者: Stein-Erik FletenErik HaugomAlois PichlerCarl J. Ullrich
作者单位: 1Norwegian University of Science and Technology, NO–7491 Trondheim, Norway
2Inland Norway University of Applied Sciences, Lillehammer, Norway
3Department of Finance and Business Law, James Madison University, Harrisonburg, VA, 22807, United States
刊名: European Journal of Operational Research, 2020, Vol.285 (1), pp.23-33
来源数据库: Elsevier Journal
DOI: 10.1016/j.ejor.2019.03.031
关键词: Stochastic optimizationDynamic discrete choice modelsReal optionsIrreversible investmentElectricity markets
原始语种摘要: Abstract(#br)We estimate costs associated with mothballing, restarting, abandoning and maintaining peaking power plants. We develop a real options model to explain switching and maintenance behavior of plant managers. The constrained optimization approach to estimate crucial costs accommodates non-parametric dynamics for the expectations of the plant managers regarding future profitability. The empirical analysis is based on the status of power plants reported annually to the United States Energy Information Administration (EIA) during 2001–2009. We arrive at economically meaningful estimates of maintenance costs and switching costs, and discuss these in light of rates used in the Pennsylvania-New Jersey-Maryland capacity market.
全文获取路径: Elsevier  (合作)
影响因子:2.038 (2012)

  • costs 费用
  • estimate 估计
  • options 保留购买权
  • expectations 期待的事物
  • profitability 盈利能力
  • economically 经济地
  • peaking 引入尖脉冲
  • switching 转换
  • empirical 经验的
  • discuss 议论