全球智库信息集成服务系统(G2TT): Electricity capacity investment under risk aversion: A case study of coal, gas, and concentrated solar power.

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来源类型	Article
规范类型	其他
DOI	10.1016/j.eneco.2011.10.010
	Electricity capacity investment under risk aversion: A case study of coal, gas, and concentrated solar power.
	Fan L; Norman CS; Patt A
发表日期	2012
出处	Energy Economics 34 (1): 54-61
出版年	2012
语种	英语
摘要	The policy instrument many economists favor to reduce greenhouse gas emissions and to shift new investment towards low carbon technologies is the tradable allowance system. Experience with this instrument has been mixed, with a crucial design issue being the choice of whether to auction allowances to firms, or to grandfather them based on historical emissions. In this paper, we examine the changing incentives of investment in different technologies, when investors are risk averse and are expecting an allowance system with a certain allocation rule but do not know if the policy is going to take place in the near future. Investors also cannot fully predict future investment costs for the low-carbon technology. We apply a game theoretic model to examine the combined effects of uncertainty and risk aversion on the actions of potential investors into high and low carbon generating capacity, under both allocation rules and uncertain costs. We find that uncertainty and risk aversion do have implications towards investment incentives. We discuss policy implications of these findings.
主题	Risk, Policy and Vulnerability (RPV) ; Risk & ; Resilience (RISK)
关键词	Allocation rules Allowances Emissions trading Risk aversion Uncertainty
URL	http://pure.iiasa.ac.at/id/eprint/10026/
来源智库	International Institute for Applied Systems Analysis (Austria)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/129440
推荐引用方式 GB/T 7714	Fan L,Norman CS,Patt A. Electricity capacity investment under risk aversion: A case study of coal, gas, and concentrated solar power.. 2012.