| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Inducing Low-Carbon Investment in the Electric Power Industry through a Price Floor for Emissions Trading | |
| Alexander Brauneis; Michael Loretz | |
| 发表日期 | 2011 |
| 出处 | Climate Change and Sustainable Development |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Uncertainty about long-term climate policy is a major driving force in the evolution of the carbon market price. Since this price enters the investment decision process of regulated firms, this uncertainty increases the cost of capital for investors and might deter invest-ments into new technologies at the company level. We apply a real options-based approach to assess the impact of climate change policy in the form of a constant or growing price floor on investment decisions of a single firm in a competitive environment. This firm has the opportunity to switch from a high-carbon “dirty” technology to a low-carbon “clean” technology. Using Monte Carlo simulation and dynamic programming techniques for real market data, we determine the optimal CO2 price floor level and growth rate in order to induce investments into the low-carbon technology. We show these findings to be robust to a large variety of input parameter settings. |
| 特色分类 | D81;O38;Q55 |
| 关键词 | Carbon price price floor technological change investment decision real option approach |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/inducing-low-carbon-investment-in-the-electric-power-industry-through-a-price-floor-for-emissions-trading/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/117911 |
| 推荐引用方式 GB/T 7714 | Alexander Brauneis,Michael Loretz. Inducing Low-Carbon Investment in the Electric Power Industry through a Price Floor for Emissions Trading. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| 201110189921Nota_di_（71KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
| 2011101899134NDL2011（2156KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
| 文件名： | 201110189921Nota_di_Lavoro.jpg |
| 格式： | JPEG |
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