Engineering Economist最新文献_第5页

Pricing real options based on linear loss functions and conditional value at risk 基于线性损失函数和风险条件值的实物期权定价

IF 1.2 4区经济学

Engineering Economist Pub Date : 2020-12-28 DOI: 10.1080/0013791X.2020.1867273

Kyong-Hui Kim, Chan S. Park

{"title":"Pricing real options based on linear loss functions and conditional value at risk","authors":"Kyong-Hui Kim, Chan S. Park","doi":"10.1080/0013791X.2020.1867273","DOIUrl":"https://doi.org/10.1080/0013791X.2020.1867273","url":null,"abstract":"Abstract The main purpose of this paper is to expand real option analysis out of the realm of pure financial option pricing techniques. To overcome many of the well-known concerns by adopting the financial option pricing techniques for modeling real options problems such as replicating portfolio concept, geometric Brownian motion as underlying stochastic process, and estimating project volatility, we propose an alternative real option valuation based on the loss function approach. The option value determined by the loss function approach is equivalent to the expected value of perfect information (EVPI) in decision analysis. It basically sets the upper bound of risk premium to pay in retaining the options. In practice, many firms utilize the concept of Value at Risk to manage their portfolio risk. If a firm sets a target VAR, then we may be able to link this VAR in refining the actual risk premium to pay in hedging the risk embedded in the investment. With this practice in mind, we present a logic to figure out an appropriate amount of real option premium to pay for a given level of risk tolerance. A comprehensive example is presented to demonstrate the computational procedures as well as economic interpretations on the outcomes.","PeriodicalId":49210,"journal":{"name":"Engineering Economist","volume":"66 1","pages":"3 - 26"},"PeriodicalIF":1.2,"publicationDate":"2020-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/0013791X.2020.1867273","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47394052","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Optimal Replacement, Retrofit, and Management of a Fleet of Assets under Regulations of an Emissions Trading System 排放交易系统规定下资产车队的最佳更换、改造和管理

IF 1.2 4区经济学

Engineering Economist Pub Date : 2020-12-10 DOI: 10.1080/0013791X.2020.1853863

Amir Rajabian, Mageed Ghaleb, S. Taghipour

引用次数: 2

Multi-objective optimization and cost-based output pricing of a standalone hybrid energy system integrated with desalination 集成海水淡化的独立混合能源系统的多目标优化和基于成本的输出定价

IF 1.2 4区经济学

Engineering Economist Pub Date : 2020-11-24 DOI: 10.1080/0013791X.2020.1853862

Xi Luo, Yanfeng Liu, Xiaojun Liu

{"title":"Multi-objective optimization and cost-based output pricing of a standalone hybrid energy system integrated with desalination","authors":"Xi Luo, Yanfeng Liu, Xiaojun Liu","doi":"10.1080/0013791X.2020.1853862","DOIUrl":"https://doi.org/10.1080/0013791X.2020.1853862","url":null,"abstract":"Abstract The design and operation of hybrid energy systems, which are relevant to remote islands characterized by energy and water supply shortage, have been extensively investigated. However, determining the costs of different system outputs is still a challenging task. In this study, a multi-objective optimization was performed to obtain the optimal design parameters of a hybrid energy system integrated with desalination. As each consumer demand (inclusive of electrical, cooling, and water demands) is highly coupled to the other, output pricing was performed based on cost allocation using the cooperative game theory. The results show that cooling, electricity, and desalinized water can be co-generated efficiently and economically, and the electrical, cooling, and water demands should bear 13.40%, 53.90%, and 32.70%, respectively, of the annualized costs of the entire hybrid energy system. In the proposed model, the cooling demand has the strongest coupling characteristic, whereas the electrical demand has the weakest, because the electricity waste from the photovoltaic/thermal panels allows easier integration of the cooling demands with other demands, for the consumption of excess solar power.","PeriodicalId":49210,"journal":{"name":"Engineering Economist","volume":"66 1","pages":"51 - 70"},"PeriodicalIF":1.2,"publicationDate":"2020-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/0013791X.2020.1853862","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46471209","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Bandwagon Investment Equilibrium of Investment Timing Games 投资时机博弈的从众投资均衡

IF 1.2 4区经济学

Engineering Economist Pub Date : 2020-10-14 DOI: 10.1080/0013791X.2020.1829222

K. Kim, A. Deshmukh

引用次数: 0

Economic feasibility of the investment in residential photovoltaics system considering the effects of subsidy policies: A Korean case 考虑补贴政策影响的住宅光伏系统投资的经济可行性——以韩国为例

IF 1.2 4区经济学

Engineering Economist Pub Date : 2020-10-12 DOI: 10.1080/0013791X.2020.1831119

Jing-Jong Jang, Moonkyu Seo, Gi-Yu Nam, Deok-Joo Lee

{"title":"Economic feasibility of the investment in residential photovoltaics system considering the effects of subsidy policies: A Korean case","authors":"Jing-Jong Jang, Moonkyu Seo, Gi-Yu Nam, Deok-Joo Lee","doi":"10.1080/0013791X.2020.1831119","DOIUrl":"https://doi.org/10.1080/0013791X.2020.1831119","url":null,"abstract":"Abstract The economic feasibility of the investment is critical for residential users’ decision making in investing in photovoltaic (PV) systems because the high costs of installing PV technology may be burdensome. Therefore, governments in many countries have been implementing policies to reduce the economic burden of household users' PV investments and thus promote solar energy to household users. The purpose of this paper is to perform an economic feasibility analysis of investments in residential PV systems that considers the effects of several subsidy plan alternatives using the empirical data of Korea. The result shows that the residential PV investment project would be economically viable without subsidy; however, a payback period exceeds 8 years, which could be perceived by residential customers as too long to be attractive enough to invest in a PV system at present. In addition, we found that the net present value is highest under the production based subsidy scheme, whereas the payback period is shortest with a lump-sum subsidy.","PeriodicalId":49210,"journal":{"name":"Engineering Economist","volume":"66 1","pages":"206 - 224"},"PeriodicalIF":1.2,"publicationDate":"2020-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/0013791X.2020.1831119","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45948191","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Letter from the editor 编辑来信

IF 1.2 4区经济学

Engineering Economist Pub Date : 2020-10-01 DOI: 10.1080/0013791X.2020.1852662

S. Ryan

引用次数: 0

Call for Nominations for the Institute of Industrial and Systems Engineers Wellington Award 工业和系统工程师协会惠灵顿奖征集提名

IF 1.2 4区经济学

Engineering Economist Pub Date : 2020-10-01 DOI: 10.1080/0013791X.2020.1837532

引用次数: 0

Risk-adjusted discount rates and the present value of risky nonconventional projects 风险调整贴现率和风险非常规项目的现值

IF 1.2 4区经济学

Engineering Economist Pub Date : 2020-09-09 DOI: 10.1080/0013791X.2020.1815918

Anastasia Blaset Kastro, N. Kulakov

引用次数: 5

Introduction to the special issue on engineering economy education 工程经济教育专刊导论

IF 1.2 4区经济学

Engineering Economist Pub Date : 2020-07-02 DOI: 10.1080/0013791x.2020.1784512

Joseph H. Wilck

引用次数: 1

Engineering economy as a vibrant and relevant course in the engineering programs of today and tomorrow 工程经济是当今和未来工程项目中充满活力和相关的课程

IF 1.2 4区经济学

Engineering Economist Pub Date : 2020-07-02 DOI: 10.1080/0013791x.2020.1781309

James Burns, B. White, Anna Konstant

{"title":"Engineering economy as a vibrant and relevant course in the engineering programs of today and tomorrow","authors":"James Burns, B. White, Anna Konstant","doi":"10.1080/0013791x.2020.1781309","DOIUrl":"https://doi.org/10.1080/0013791x.2020.1781309","url":null,"abstract":"Abstract Engineering economy has been studied by the majority of engineering students for many years, yet its place in engineering education is often misunderstood. Logic suggests that the engineering economy course would be highly valued since it is the only course many engineering students will take related to financial matters, but instead there is evidence that the subject is being marginalized. While pressures to reduce program credit hours and changes to the Fundamentals of Engineering exam may play a role in this, perhaps engineering economy has not sufficiently evolved to meet the needs of students or the realities of the contemporary workplace. What can be done to ensure that engineering economy fulfills its potential as an important part of engineering education? There may be few clear-cut answers, but we believe that engineering economy should shift toward a future characterized by rigorous coursework grounded in engineering design principles and applications of risk and uncertainty. This has been our goal in teaching engineering economy at Western Michigan University for many years. The purpose of this paper is to communicate the essential elements of a strategy that has helped to make the course a vibrant component of several engineering programs.","PeriodicalId":49210,"journal":{"name":"Engineering Economist","volume":"65 1","pages":"236 - 258"},"PeriodicalIF":1.2,"publicationDate":"2020-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/0013791x.2020.1781309","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42594461","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0