:::

詳目顯示

回上一頁
題名:再生能源發展政策之效益評估--結合實質選擇權法與成本效率曲線
書刊名:應用經濟論叢
作者:李珣琮施勵行
作者(外文):Lee, Shun-chungShih, Li-hsing
出版日期:2012
卷期:91
頁次:頁155-196
主題關鍵詞:實質選擇權成本效率曲線再生能源政策模擬政策規劃Real optionCost efficiency curveRenewable energyPolicy scenarioPolicy planning
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(2) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:2
  • 共同引用共同引用:22
  • 點閱點閱:49
本文主要目的在於運用實質選擇權法與成本效率曲線,建構再生能源發展之政策效 益評價模式,模式中探討影響政策效益評價的不確定性與主要因素,正確評估再生能源 發展之效益價值。並以風能進行實證分析搭配政策模擬(收購價格變動與外部成本內部 化),進而協助政府規劃最適的再生能源發展政策與改善方向。研究結果顯示,當考量 實質選擇權價值時,發展再生能源是具有投資效益的政策規劃。當外部成本內部化時, 更能突顯發展再生能源所帶來的政策效益價值。在目前風能技術發展下,過度提高收購 電價金額是不具投資效益的政策規劃。
This study presents a policy benefit evaluation model that integrates cost efficiency curve information on renewable power generation technologies into real options analysis (ROA) methods. The proposed model evaluates quantitatively the policy value provided by developing renewable energy (RE) in the face of uncertain fossil fuel prices and RE policy-related factors. The empirical analysis is based on data for Taiwan wind power and used to simulate two policy scenarios: varying feed-in tariff (FIT) and internalized external costs (CO2 emission cost). Besides assessing the policy value of current RE development policy, this model also compares policy value and policy planning in the two scenarios, which will help the government to formulate and improve its renewable energy development policies. The analysis shows that RE development provides investment benefits when considering real options value. The scenario simulation results demonstrate that when CO2 emission costs are internalized, real options value generated by RE is increased. In the current environment for developing wind power technology, policies that support higher FIT level are not beneficial.
期刊論文
1.Kellogg, D.、Charnes, J. M.(2000)。Real-options Valuation for a Biotechnology Company。Financial Analysis Journal,56,76-84。  new window
2.Hayes, Robert H.、Abernathy, William J.(1980)。Managing Our Way to Economic Decline。Harvard Business Review,58(4),67-77。  new window
3.林俊成、柳婉郁(20101200)。考慮機會成本下碳吸存成本效益之經濟分析。應用經濟論叢,88,61-102。new window  延伸查詢new window
4.Perlitz, M.、Peske, T.、Schrank, R.(1999)。Real Options Valuation: The New Frontier in R&D Project Evaluation?。R&D Management,29(3),255-269。  new window
5.梁啟源(20070300)。我國永續發展之能源價格政策。臺灣經濟預測與政策,37(2),1-35。new window  延伸查詢new window
6.Dixit, Avinash K.、Pindyck, Robert S.(1995)。The Options Approach to Capital Investment。Harvard Business Review,73(3),105-115。  new window
7.Argote, L.、Epple, D.(1990)。Learning Curves in Manufacturing。Science,247,920-924。  new window
8.Hayes, R. H.、Garvin, D. A.(1982)。Managing as if Tomorrow Mattered。Harvard Business Review,60(3),71-79。  new window
9.Trigeorgis, L.、Mason, S. P.(1987)。Valuing Managerial Flexibility。Midland Corporate Finance Journal,5(1),14-21。  new window
10.Kester, W. C.(1984)。Today's Options for Tomorrow's Growth。Harvard Business Review,62(2),153-160。  new window
11.Black, Fischer、Scholes, Myron S.(1973)。The Pricing of Options and Corporate Liabilities。Journal of Political Economy,81(3),637-654。  new window
12.Wright, T. P.(1936)。Factors affecting the costs of airplanes。Journal of the Aeronautical Sciences,3,122-128。  new window
13.Myers, Stewart C.(1977)。Determinants of Corporate Borrowing。Journal of Financial Economics,5(2),147-175。  new window
14.梁啟源(20091000)。能源稅對臺灣能源需求及經濟之影響。臺灣經濟預測與政策,40(1),45-78。new window  延伸查詢new window
15.Arrow, Kenneth J.(1962)。The Economic Implications of Learning by Doing。The Review of Economic Studies,29(3),155-173。  new window
16.Dutton, J. M.、Thomas, A.(1984)。Treating Progress Functions as a Managerial Opportunity。Academy of Management Review,9(2),235-247。  new window
17.Cox, John C.、Ross, Stephen A.、Rubinstein, Mark(1979)。Option Pricing: A Simplified Approach。Journal of Financial Economics,7(3),229-263。  new window
18.Frayer, J.、Uludere, N. Z.(2001)。What Is It Worth? Application of Real Options Theory to the Valuation of Generation Assets。The Electricity Journal,4,40-51。  new window
19.Fuss, S.、Johansson, D. J. A.、Szolgayova, J.、Obersteiner, M.(2009)。Impact of Climate Policy Uncertainty on the Adoption of Electricity Generating Technologies。Energy Policy,37(2),733-743。  new window
20.Herath, H. S. B.、Bremser, W. G.(2005)。Real-option Valuation of Research and Development Investment: Implications for Performance Measurement。Managerial Auditing Journal,20,55-72。  new window
21.Herath, H. S. B.、Park, C. S.(1999)。Economic Analysis of R&D Projects: An Options Approach。The Engineering Economist,44,1-35。  new window
22.Herath, H. S. B.、Park, C. S.(2002)。Multi-stage Capital Investment Opportunities as Compound Real Option。The Engineering Economist,47,1-27。  new window
23.Kerstin, M. B. G.、Joachim, M. G.(2005)。Determining the Value of Drug Development Candidates and Technology Platforms。Journal of Commercial Biotechnology,11,155-170。  new window
24.Kjaerland, F.(2007)。A Real Option Analysis of Investments in Hydropower: The Case of Norway。Energy Policy,35,5901-5908。  new window
25.Klaassen, G.、Miketa, A.、Larsen, K.、Sundqvist, T.(2005)。The Impact of R&D on Innovation for Wind Energy in Denmark, Germany and the United Kingdom。Ecological Economics,54,227-240。  new window
26.Kobos, P. H.、Erickson, J. D.、Drennen, T. E.(2006)。Technological Learning and Renewable Energy Costs: Implications for US Renewable Energy Policy。Energy Policy,34,1645-1658。  new window
27.Kumbaroğlu, G.、Madlener, R.、Demirel, M.(2008)。A Real Options Evaluation Model for the Diffusion Prospects of New Renewable Power Generation Technologies。Energy Economics,30(4),1882-1908。  new window
28.Lee, S. C.、Shih, L. H.(2011)。Forecasting of Electricity Costs Based on an Enhanced Grey-based Learning Model: A Case Study of Renewable Energy in Taiwan。Technology Forecasting and Social Change,78,1242-1253。  new window
29.McDonald, A.、Schrattenholzer, L.(2001)。Learning Rate for Energy Technologies。Energy Policy,29,255-261。  new window
30.Neij, L.(1999)。Cost Dynamics of Wind Power。Energy,24,375-389。  new window
31.Newton, D. P.、Paxson, D. A.、Widdicks, M.(2004)。Real R&D Options。International Journal of Management Reviews,5,113-130。  new window
32.Rothwell, G.(2006)。A Real Options Approach to Evaluating New Nuclear Power Plants。The Energy Journal,27,37-53。  new window
33.Sagar, A.、Zwaan, B.(2006)。Technological Innovation in the Energy Sector: R&D, Deployment and Learning-by-doing。Energy Policy,34,2601-2608。  new window
34.Abadie, L. M.、Chamorro, J. M.(2008)。European CO2 Prices and Carbon Capture Investments。Energy Economics,30(6),2992-3015。  new window
35.Anda, J.、Golub, A.、Strukova, E.(2009)。Economics of Climate Change under Uncertainty。Benefits of Flexibility,37,1345-1355。  new window
36.Ansar, J.、Sparks, R.(2009)。The Experience Curve, Option Value, ; the Energy Paradox。Energy Policy,37,1012-1020。  new window
37.Ardente, F.、Beccali, M.、Cellura, M.、Brano, V. L.(2008)。Energy Performances and Life Cycle Assessment of an Italian Wind Farm。Renewable and Sustainable Energy Reviews,12,200-217。  new window
38.Barreto, L.、Kypreos, S.(2004)。Endogenizing R&D and Market Experience in the Bottom-up Energy System ERIS Model。Technovation,24,615-629。  new window
39.Benninga, S.、Tolkowsky, E.(2002)。Real Options: An Introduction and an Application to R&D Valuation。The Engineering Economist,47,151-168。  new window
40.Boer, F. P.(2003)。Risk-adjusted Valuation of R&D Projects。Research Technology Management,46,50-58。  new window
41.Bøckman, T.、Fleten, S. E.、Juliussen, E.、Langhammer, H.(2008)。Investment Timing and Optimal Capacity Choice for Small Hydropower Projects。European Journal of Operational Research,190(1),255-267。  new window
42.Brandão, L. E.、Dyer, J. S.、Hahn, W. J.(2005)。Using Binomial Decision Trees to Solve Real-option Valuation Problems。Decision Analysis,2,69-88。  new window
43.Cassimon, D.、Engelen, P. J.、Thomassen, L.、Wouwe, M. V.(2004)。The Valuation of a NDA Using a 6-fold Compound Option。Research Policy,33,41-51。  new window
44.Colpier, Ulrika Claeson、Cornland, Deborah(2002)。The economics of the combined cycle gas turbine: an experience curve analysis。Energy Policy,30(4),309-316。  new window
45.Davis, G. A.、Owens, B.(2003)。Optimizing the Level of Renewable Electric R&D Expenditures Using Real Options Analysis。Energy Policy,31(15),1589-1608。  new window
46.Deng, Shi-Jie、Oren, Shmuel S.(2003)。Incorporating Operational Characteristics and Start-up Costs in Option-based Valuation of Power Generation Capacity。Probability in the Engineering and Informational Sciences,17(2),155-181。  new window
47.Siddiqui, A. S.、Marnay, C.、Wiser, R. H.(2007)。Real Options Valuation of US Federal Renewable Energy Research, Development, Demonstration, ; Deployment。Energy Policy,35,265-279。  new window
48.Söderholm, Patrik、Klaassen, Ger(2007)。Wind Power in Europe: A Simultaneous Innovation-Diffusion Model。Environmental and Resource Economics,36,163-190。  new window
49.Söderholm, P.、Sundqvist, T.(2007)。Empirical Challenges in the Use of Learning Curves for Assessing the Economic Prospects of Renewable Energy Technology。Renewable Energy,32,2559-2578。  new window
50.Szlogayova, J.、Fuss, S.、Obersteiner, M.(2008)。Assessing the Effects of CO2 Price Caps on Electricity Investments: A Real Options Analysis。Energy Policy,36,3974-3981。  new window
51.Tseng, Chung-Li、Barz, Graydon(2002)。Short-term Generation Asset Valuation: A Real Options Approach。Operations Research,50(2),297-310。  new window
52.Venetsanos, K.、Angelopoulou, P.、Tsoutsos, T.(2002)。Renewable Energy Sources Project Appraisal under Uncertainty: The Case of Wind Energy Exploitation within a Changing Energy Market Environment.。Energy Policy,30,293-307。  new window
53.Wang, C. H.、Min, K. J.(2006)。Electric Power Generation Planning for Interrelated Projects: A Real Options Approach。IEEE Transactions on Engineering Management,53,312-322。  new window
54.Willigers, B. J. A.、Hansen, T. L.(2008)。Project Valuation in the Pharmaceutical Industry: A Comparison of Least-squares Monte Carlo Real Option Valuation and Conventional Approaches。R&D Management,38,520-537。  new window
會議論文
1.郭迺鋒、楊浩彥、溫麗琪(1999)。碳稅收入循環利用之『雙重紅利』效果-臺灣多部門CEG 實證模型。台北。  延伸查詢new window
2.Botterud, A.、Korpås, M.(2004)。Modelling of Power Generation Investment Incentives under Uncertainty in Liberalised Electricity Markets。Zurich。  new window
研究報告
1.Hamon, C.(2000)。Experience Curves of Photovoltaic Technology。Austria。  new window
2.Jamasb, T.(2006)。Technological Change Theory and Learning Curves: Progress and Patterns in Energy Technologie。  new window
3.Awerbuch, Shimon、Berger, Martin(2003)。Energy Security in the EU: Applying Portfolio Theory to EU Electricity Planning and Policy-Making。  new window
4.van der Linden, N. H.、Uyterlinde, M. A.、Vrolijk, C.、Nilsson, L. J.、Khan, J.、Astrand, K.、Ericsson, K.、Wiser, R.(2005)。Review of International Experience with Renewable Energy Obligation Support Mechanisms。  new window
圖書
1.Copeland, T.、Antikarov, V.(2001)。Real Options - A Practitioner’s Guide。New York:Texere LLC。  new window
2.Luenberger, D. G.(1998)。Investment Science。New York:Oxford University Press。  new window
3.Trigeorgis, Lenos(1996)。Real Options: Managerial Flexibility and Strategy in Resource Allocation。The MIT Press。  new window
4.Fisher, I.(1907)。The Rate of Interest: Its Nature, Determination, and Relation to Economic Phenomena。New York。  new window
5.Levine, M.、Ürge-Vorsatz, D.、Blok, K.、Geng, L.、Harvey, D.、Lang, S.、Levermore, G.、Mongameli-Mehlwana, A.、Mirasgedis, S.、Novikova, A.、Rilling, J.、Yoshino, H.(2007)。Residential and Commercial Buildings。Climate Change 2007: Mitigation. Contribution of Working Group III to the Fourth Assessment Report of the Intergovernmental Panel on Climate Change \\ Metz, B. ; Davidson, O. R. ; Bosch, P. R. ; Dave, R. ; Meyer, L. A. (ed.)。Cambridge ; New York。  new window
6.Brach, M. A.(2003)。Real Option in Practice。New York。  new window
其他
1.Internatinal Energy Agency(2000)。Experience Curves for Energy Technology Policy,Paris。  new window
2.Internatinal Energy Agency(2009)。Technology Roadmap – Wind Energy,Paris。  new window
3.Birger Tuemand Madsen Consult ApS(2009)。International Wind Energy Development。  new window
4.Bureau of Energy, Ministry of Economic Affairs (BOEMEA), Executive Yuan, Taiwan, R.O.C. 2009。  new window
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
QR Code
QRCODE