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Perfect Competition vs. Riskaverse Agents: Technology Portfolio Choice in Electricity Markets

Malte Sunderkktter, Daniel Ziegler, Christoph Weber
2013 Social Science Research Network  
Technology diversification in generation portfolios represents one option to reduce long-term investment risks for risk-averse decision makers.  ...  In this article, we analyze the impact of market imperfections induced by risk-aversion on the long-term investment portfolio structure in the market.  ...  (B.35) This proposition, also known as the first theorem of welfare economics, is described in many economic textbooks and goes back to the Adam Smith's postulations of the "'invisible hand"'.  ... 
doi:10.2139/ssrn.2269647 fatcat:hgvqoi52org3pdecovlvxfycli

Sustainability: Game human nature

Helga Fehr-Duda, Ernst Fehr
2016 Nature  
Feedback-dependent risk aversion. Experiments also indicate that people become more averse to risk if they expect to observe the outcomes of their decisions over the course of time.  ...  For instance, policymakers and governments could commit some percentage of future increases in gross domestic product -and the associated tax hikes -to investments that benefit future generations.  ... 
doi:10.1038/530413a pmid:26911767 fatcat:5oljb5pzlbfhnebw3kgzd2divi

Valuing fuel diversification in power generation capacity planning

Malte Sunderkötter, Christoph Weber
2012 Energy Economics  
This thesis aims to contribute to the theory of decision making under uncertainty in the field of electricity generation investments and to analyze efficient generation portfolios both from a societal  ...  Thereby, investments in power generation assets bear considerable financial risks in view of the typically high capital investments and long-lasting asset lifetimes between 20 and 50 years.  ...  Technology diversification in generation portfolios represents one option to reduce longterm investment risks for risk-averse decision makers.  ... 
doi:10.1016/j.eneco.2012.02.003 fatcat:fqkamk3bynhjlfj7wicfjxzyba

Valuing Fuel Diversification in Optimal Investment Policies for Electricity Generation Portfolios

Malte Sunderkötter, Christoph Weber
2009 Social Science Research Network  
Optimal capacity allocation for investments in electricity generation assets can be deterministically derived by comparing technology specific long-term and short-term marginal costs.  ...  Literature review Existing work on portfolio and investment risk management in electricity generation markets can be grouped into two main categories: One stream of research quantitatively approaches the  ...  textbooks on economics and goes back to the Adam Smith's postulations of the "invisible hand".  ... 
doi:10.2139/ssrn.1657055 fatcat:p6vwqrkpqnh27mey25pp47dnoq

Economic Transition And Business Risks In Chinese Private Firms: Disentangling Organizational And Project Risks

Chuanyin Xie
2011 International Business & Economics Research Journal  
To the extent that firm decisions are made under uncertainty, all firms need to deal with risk. The concept of risk is relatively unexplored in transitional economies.  ...  I distinguish between organizational and project level risks and argue that China's economic transition affects the two levels of risk in different ways.  ...  for investments (UNCTAD, 2009) in the world.  ... 
doi:10.19030/iber.v10i2.1798 fatcat:n7xdzjftkfeljomjics5mvwyfy

Policy instruments for a sustainable future

Peter Read
2007 Policy Quarterly  
fibre and fuel (biofuel) – whilst, through tradability, generating the cash flow needed to finance the necessary capital investments.  ...  These are technologies for getting carbon dioxide (CO2) out of the atmosphere, and technologies for stocking it (or carbonaceous material derived from atmospheric CO2 somewhere other than in the atmosphere  ...  Thus, market forces result in more 'doing without' by the present generation. This results in more investment to reduce environmental damage and/or compensate future generations.  ... 
doi:10.26686/pq.v3i2.4218 fatcat:3am7fa2udneupbf6gidm5azj4a

Competence value emersion: a key to sound practices in entrepreneurial finance. From 'Q' to 'T' ratios in the North-Eastern Italian experience

Guido Max Mantovani
2015 International Journal of Entrepreneurship and Small Business  
Aborting competence value in credit allowances procedures will impact dramatically on SMEs after the adoption of Basel-3 agreements.  ...  The successful entrepreneur behaves in order to give marketability to skills, riding a cycle that transforms them into a corporate hallmark.  ...  Arie Melnik from University of Haifa for the very useful comments and insights he gave to the first draft of the paper during the 2011 Annual Meeting of the Academy of entrepreneurial finance in UCLA,  ... 
doi:10.1504/ijesb.2015.067460 fatcat:enz2tl6igzabhcs52um2tcuh2e

Exploring agency problems in corporate governance from the perspective of economic ethics of the capitalist market

Hsiang-Yi Lin
2011 African Journal of Business Management  
Moral hazard is reflected in the information asymmetry between the agent and the principal, as well as under the assumption that humans are egotistic with limited rationality, often risk-averse and antagonistic  ...  The agent could thus hide the truth from the principal, not abide by their mutual agreement, and tamper with the investment objectives and plans.  ...  As previously discussed in the first chapter, Coase clarified the basis of how firms exist, and Adam Smith emphasized that the omnipotent yet invisible hand of the market would automatically reach a market  ... 
doi:10.5897/ajbm11.586 fatcat:6qhlvcibfncnto2fcj7rvfsgwe

ETSAP-TIAM: the TIMES integrated assessment model Part I: Model structure

Richard Loulou, Maryse Labriet
2007 Computational Management Science  
In this first part of a two-part article, the principal characteristics of the TIMES model and of its global incarnation as ETSAP-TIAM are presented and discussed.  ...  Special sections are devoted to the description of four optional features of TIMES: lumpy investments, endogenous technology learning, stochastic programming, and the climate module.  ...  We also thank the European Commission for its support of the TOCSIN project (Technology-Oriented Cooperation and Strategies in India and China: Reinforcing the EU dialogue with Developing Countries on  ... 
doi:10.1007/s10287-007-0046-z fatcat:hfjjyp3kpbajda7wgssca2ggfi

Risk And Investment Decision Making In The Technological Age: A Dialysis Of Cyber Fraud Complication In Nigeria

Ajibade Jegede Ebenezer, Ajayi Mofoluwake Paula, Tolulope Allo
2016 Zenodo  
It was found that investment decision in this technological era is also mitigated by the existence of risk and this trend conforms to what research have documented for all known investible environments  ...  In view of this fact, this study engages the analysis of the effect of cyber fraud on investment decisions in Nigeria.  ...  Decisions are crucial to business survival and for the aversion of investment failures.  ... 
doi:10.5281/zenodo.58522 fatcat:qr3fukfm5zh57dseccsivamog4

Risks of delayed reindustrialization

Dragan Djuricin, Iva Vuksanovic
2013 Ekonomika preduzeca  
During the last economic crisis the prevailing doctrine in theory as well as in policy making is changing. The "great moderation" of invisible hand proved to be an illusion as it always was.  ...  Second, risks related to full liberalization of the electricity market (expected in 2015) in accordance with the EU directives.  ... 
doi:10.5937/ekopre1302001d fatcat:3uf7q4b6bfciheufecn57w4fue

Naive Energy Markets

David B. Spence
2016 Social Science Research Network  
Ideologically, the two major political parties are more homogenous and further apart than at any time since the advent of the modern regulatory state. 1 Political scientists ascribe polarization in Congress  ...  of institutional factors that affect how parties manage congressional business. 3 Legal scholars, for their part, have begun  ...  of Adam Smith's "invisible hand" idea.  ... 
doi:10.2139/ssrn.2736499 fatcat:dp5xap4n3fdgzhtbqrjld2ja2q

Uptake and usage of cost-reflective electricity pricing: Insights from psychology and behavioural economics

Elizabeth V. Hobman, Elisha R. Frederiks, Karen Stenner, Sarah Meikle
2016 Renewable & Sustainable Energy Reviews  
The Australian electricity industrylike many other countries globallyis currently facing the complex challenge of reforming electricity tariffs.  ...  Momentum is growing for transitioning residential consumers toward more 'cost-reflective' pricing that better reflects the true costs of generation and supply, and sends a 'price signal' that presumably  ...  Risk aversion: provide assurances that customers do not risk higher electricity bills under cost-reflective pricing Related to loss aversion is the tendency for people to be risk averse.  ... 
doi:10.1016/j.rser.2015.12.144 fatcat:ui3blzazznfltbzkb4g2lpj2ku

Do venture capitalists really invest in good industries? Risk-return perceptions and path dependence in the emerging European energy VC market

Rolf Wustenhagen, Tarja Teppo
2006 International Journal of Technology Management  
investments in energy technologies • the perceived returns in energy VC investmentsin an evolutionary perspective, the maturity of energy as a VC investment sector.  ...  Venture Capital (VC) plays an important role in the commercialisation of innovation. Sectors like information and communication technologies and biotech account for two-thirds of all VC investments.  ...  An earlier version of this paper titled 'Venture capital investment in sustainable energy: factors determining the emergence of a new market' has been presented at the GRONEN Research Workshop 2004, in  ... 
doi:10.1504/ijtm.2006.009448 fatcat:6ctahby5jndtdoyz2ngbzjlqai

Effects of culture on firm risk-taking: a cross-country and cross-industry analysis

Roxana Mihet
2012 Journal of Cultural Economics  
Risk-taking is found to be higher for domestic firms in countries with low uncertainty aversion, low tolerance for hierarchical relationships, and high individualism.  ...  This paper investigates the effects of national culture on firm risk-taking, using a comprehensive dataset covering 50,000 firms in 400 industries in 51 countries.  ...  On the other hand, countries ranking high in uncertainty aversion tend to have more concentrated industries with few players.  ... 
doi:10.1007/s10824-012-9186-2 fatcat:5mhasumpnjh3pmyvj3w3457ifu
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