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Analysis of renewable energy investment in Iran using real options approach | ||
| Iranian Journal of Economic Studies | ||
| مقاله 2، دوره 11، شماره 2 - شماره پیاپی 22، 2022، صفحه 271-306 اصل مقاله (717.81 K) | ||
| نوع مقاله: Research Paper | ||
| شناسه دیجیتال (DOI): 10.22099/ijes.2023.44377.1857 | ||
| نویسندگان | ||
| Seyyed Mohammad Reza Aghaei Marzebali؛ Abdollah Arasteh* | ||
| Department of Industrial Engineering, Babol Noshirvani University of Technology, Babol, Iran | ||
| چکیده | ||
| Many nations’ quick development and progress during the last century may be directly attributed to the widespread use of fossil fuels. Particularly, oil has stood out as a defining feature of human civilization. However, the increasing use of fossil fuels like oil and coal has led to serious problems for the world’s ecosystems, national security, and economic prosperity. This article uses actual options to determine the best time to invest in renewable energy based on diesel price volatility, electricity price volatility, and oil consumption externalities. Different actual choice approaches for discretion assessment are addressed and compared, as well as the usage of devolution for decision making. Finally, Monte Carlo simulations are used to compare these techniques to conventional approaches. The findings show that investments in renewable energy have a positive net present value. The timelessness of investing choices is emphasized by the real options method. Under the present energy system in Iran, switching to renewable energy sources is preferable than maintaining reliance on oil to provide power. Switching to renewable energy sources can help Iran reduce its reliance on oil and promote sustainable economic growth. Furthermore, can help to address the negative externalities associated with fossil fuel use, such as air pollution and climate change. Therefore, it is essential to continue to evaluate and promote the development of renewable energy sources in Iran and around the world. By increasing the cost of using oil or reducing the cost of electricity, policies should encourage investment in renewable energy sources. | ||
| کلیدواژهها | ||
| Renewable Energies؛ Investment؛ Uncertainty؛ Economic analysis؛ Real Options Approach | ||
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