Evaluation of R&D investments in wind power in Korea using real option
Evaluation of R&D investments in wind power in Korea using real option
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DOI：
10.1016/j.rser.2014.07.165
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发表时间：
2014-12
影响因子：
15.9
通讯作者：
Kyung-Taek Kim;Deok-Joo Lee;Sung-joon Park
中科院分区：
文献类型：
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作者：
Kyung-Taek Kim;Deok-Joo Lee;Sung-joon Park
近年来，许多国家都重视可再生能源的开发和部署，以应对化石能源枯竭、气候公约控制温室气体排放等全球环境危机。在各种新能源和可再生能源中，韩国政府将风能作为研发投资的核心领域之一。本文采用实物期权方法对韩国风电研发投资的经济价值和风电技术的最优部署时机进行了评估。本文采用的实物期权模型假设决策者有放弃、部署或继续研发的复合期权。利用韩国的实证数据发现，风电研发投资存在相当数量的正经济价值。
In recent years, many countries put an emphasis on the development and deployment of renewable energy to cope with the global environmental crisis such as depletion of fossil energy, climate convention to control emissions of greenhouse gases. Among the various new and renewable energy sources, the Korean government selected wind power energy as one of the core areas for R&D investments. In this paper, we evaluate the economic value of the investment in wind power energy R&D in Korea and optimal deployment timing of wind power technology by using the real option approach. The real option model adopted in this paper assumes that a decision maker has a compound option to abandon, deployment, or continue the R&D. As a result by using empirical data of Korea, it is found that there exists a considerable amount of positive economic value of investments in wind power energy R&D.