Market uncertainty, project specificity and policy effects on bioenergy investments: a real options approach
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
Halle (Saale)
IAMO
2016
|
| Schriftenreihe: | Studies on the agricultural and food sector in transition economies
Volume 83 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Zusammenfassung in Deutsch |
| Beschreibung: | xxii, 180 Seiten Diagramme |
| ISBN: | 9783959920179 |
Internformat
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Datensatz im Suchindex
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| adam_text | Titel: Market uncertainty, project specificity and policy effects on bioenergy investments
Autor: Chatalova, Lioudmila
Jahr: 2016
Contents
Acknowledgments......................................................................................................................................................................i
Summary......................................................................................................................................................................................................iii
Zusammenfassung......................................................................................................................................................................vii
List of tables............................................................................................................................................................................................xvii
List of figures........................................................................................................................................................................................ixx
List of abbreviations................................................................................................................................................................xxi
Chapter 1 Motivation and research questions....................................................................1
1.1 Why deal with crop-based bioenergy?......................................................................................................................................................3
1.2 Bioenergy from agricultural crops: A literature overview................................................................................6
1.3 Objectives of the work......................................................................................................................................................................................................................9
1.4 Structure of the work..........................................................................................................................................................................................................................11
Chapter 2 Real options approach and its applications..........................................17
2.1 Introduction..............................................................................................................................................................................................................................................................19
2.2 Organization of the chapter................................................................................................................................................................................................19
2.3 Theoretical origins of the ROA......................................................................................................................................................................................20
2.3.1 The Black-Scholes Model................................................................................................................................................................................20
2.3.2 Option value and net present value......................................................................................................................................21
2.3.3 Components of the option value................................................................................................................................................22
2.4 Modeling with real options..............................................................................................................................................................................................23
2.4.1 Uncertainty-flexibility trade-off........................................................................................................................................................24
2.4.2 Technical restrictions in ROA applications..............................................................................................................26
2.4.3 Uncertainty-investment relationship in agricultural projects....................................32
2.5 Summary of the chapter..............................................................................................................................................................................................................36
Chapter 3 Uncertainty and flexibility effects on bioenergy
investments......................................................................................................................................................43
3.1 Introduction..............................................................................................................................................................................................................................................................45
3.1.1 Specifics of bioenergy investments........................................................................................................................................45
x/V_Contents_
3.1.2 Objectives of the chapter............................................................................................................................................48
3.1.3 Organization of the chapter....................................................................................................................................................................50
3.2 Real options perspective and the role of investment specifics..........................................................50
3.3 Investment model......................................................................................................................................................................................................................................57
3.3.1 General assumptions and scenarios......................................................................................................................................57
3.3.2 Food market...........................................................................................................................59
3.3.3 Energy market..........................................................................................................................................................................................................................60
3.3.4 Bioenergy market............................................................................................................................................................................................................60
3.3.5 Investment decision..................................................................................................................................................................................................61
3.3.6 Initialization of the model............................................................................................................................................................................65
3.4 The methodology........................................................................................................................................................................................................................................68
3.4.1 Real options-based stochastic simulations............................................................................................................68
3.4.2 Genetic algorithms........................................................................................................................................................................................................70
3.5 Simulation results and main finding................................................................................................................................................................72
3.5.1 The effect of two uncertainties........................................................................................................................................................72
3.5.2 The effect of time-to-build..........................................................................................................................................................................74
3.5.3 The effect of high variable costs....................................................................................................................................................78
3.5.4 Food price behavior....................................................................................................................................................................................................83
3.6 Summary of the chapter..............................................................................................................................................................................................................86
Chapter 4 Macroeconomic implications of bioenergy promotion............95
4.1 Introduction..............................................................................................................................................................................................................................................................97
4.1.1 Bioenergy policy regimes in place............................................................................................................................................97
4.1.2 Objectives of the chapter..............................................................................................................................................................................99
4.1.3 Structure of the chapter....................................................................................................................................................................................100
4.2 Welfare as a measure of economy s performance............................................................................................................101
4.2.1 Definitions of welfare..............................................................................................................................................................................................101
4.2.2 Welfare and bioenergy........................................................................................................................................................................................103
4.3 Welfare analysis................................................................................................................................................................................................................................................106
4.3.1 Policy scenarios....................................................................................................................................................................................................................106
4.3.2 Welfare and its components..................................................................................................................................................................109
4.4 Results of the welfare analysis........................................................................................................................................................................................112
4.4.1 Fixed-cost subsidy..........................................................................................................................................................................................................112
4.4.2 Bioenergy price floor................................................................................................................................................................................................117
4.5 Summary of the chapter..............................................................................................................................................................................................................122
Contents xv
Chapter 5 Summarizing discussion........................................................................................................131
5.1 Objectives of the work......................................................................................................................................................................................................................133
5.2 Main finding and their implications..................................................................................................................................................................134
5.3 Further research..............................................................................................................................................................................................................................................137
Appendix.................................................................................................. 139
References................................................................................................ 161
About the author...................................................................................... 177
Erklärung.................................................................................................. 180
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| discipline | Energietechnik, Energiewirtschaft Agrar-/Forst-/Ernährungs-/Haushaltswissenschaft / Gartenbau |
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| indexdate | 2024-07-10T07:47:51Z |
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| isbn | 9783959920179 |
| language | English |
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| series | Studies on the agricultural and food sector in transition economies |
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| spelling | Chatalova, Lioudmila 1975- Verfasser (DE-588)1129372235 aut Market uncertainty, project specificity and policy effects on bioenergy investments a real options approach by Lioudmila Chatalova Halle (Saale) IAMO 2016 xxii, 180 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Studies on the agricultural and food sector in transition economies Volume 83 Zusammenfassung in Deutsch Dissertation Martin Luther University Halle-Wittenberg 2016 Investitionsentscheidung (DE-588)4162244-3 gnd rswk-swf Bioenergieerzeugung (DE-588)4145597-6 gnd rswk-swf Realoption (DE-588)4752163-6 gnd rswk-swf Investitionsförderung (DE-588)4138184-1 gnd rswk-swf Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Bioenergieerzeugung (DE-588)4145597-6 s Investitionsentscheidung (DE-588)4162244-3 s Entscheidung bei Unsicherheit (DE-588)4070864-0 s Realoption (DE-588)4752163-6 s Investitionsförderung (DE-588)4138184-1 s DE-604 Studies on the agricultural and food sector in transition economies Volume 83 (DE-604)BV044987807 83 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029659067&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Chatalova, Lioudmila 1975- Market uncertainty, project specificity and policy effects on bioenergy investments a real options approach Studies on the agricultural and food sector in transition economies Investitionsentscheidung (DE-588)4162244-3 gnd Bioenergieerzeugung (DE-588)4145597-6 gnd Realoption (DE-588)4752163-6 gnd Investitionsförderung (DE-588)4138184-1 gnd Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd |
| subject_GND | (DE-588)4162244-3 (DE-588)4145597-6 (DE-588)4752163-6 (DE-588)4138184-1 (DE-588)4070864-0 (DE-588)4113937-9 |
| title | Market uncertainty, project specificity and policy effects on bioenergy investments a real options approach |
| title_auth | Market uncertainty, project specificity and policy effects on bioenergy investments a real options approach |
| title_exact_search | Market uncertainty, project specificity and policy effects on bioenergy investments a real options approach |
| title_full | Market uncertainty, project specificity and policy effects on bioenergy investments a real options approach by Lioudmila Chatalova |
| title_fullStr | Market uncertainty, project specificity and policy effects on bioenergy investments a real options approach by Lioudmila Chatalova |
| title_full_unstemmed | Market uncertainty, project specificity and policy effects on bioenergy investments a real options approach by Lioudmila Chatalova |
| title_short | Market uncertainty, project specificity and policy effects on bioenergy investments |
| title_sort | market uncertainty project specificity and policy effects on bioenergy investments a real options approach |
| title_sub | a real options approach |
| topic | Investitionsentscheidung (DE-588)4162244-3 gnd Bioenergieerzeugung (DE-588)4145597-6 gnd Realoption (DE-588)4752163-6 gnd Investitionsförderung (DE-588)4138184-1 gnd Entscheidung bei Unsicherheit (DE-588)4070864-0 gnd |
| topic_facet | Investitionsentscheidung Bioenergieerzeugung Realoption Investitionsförderung Entscheidung bei Unsicherheit Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=029659067&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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