Optionality and Policymaking in Re-Transforming the British Power Market
作者: Michail ChronopoulosDerek BunnAfzal Siddiqui
刊名: Economics of Energy & Environmental Policy, 2014, Vol.3 (2)
来源数据库: International Association for Energy Economics
DOI: 10.5547/2160-5890.3.2.mchr
关键词: Low-CO2 technologiesPolicy riskReal optionsDOI: 10.5547/2160-5890.3.2.mchr
原始语种摘要: Conventional models to support policymaking for the energy sector have been largely based on deterministic or static settings that focus on planning welfare- maximising investment pathways. But, in a liberalised market, since investments are made by competitive, profit-maximising companies, the increased intervention of government policy in the trading arrangements creates uncertain responses to incentives. Industry may perceive policy risks to be high, and major companies may choose to act more cautiously than governments expect. This presents a modelling challenge, and we propose an extension to the use of real options in this context. We model several features of the low-carbon investment context, viz., irreversibility, delay, and competition, which impinge upon the radical policy...
全文获取路径: IAEE 
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关键词翻译
关键词翻译
  • deterministic 确定性
  • trading 贸易
  • welfare 福利
  • competition 竞争
  • options 保留购买权
  • sector 
  • policy 政策
  • market 市场
  • competitive 竞争性的
  • electricity 电气