1,721,152 research outputs found
Electricity prices in Italy: Data registered during photovoltaic activity interval
No full textData we present in this article are related to the research article by Bertolini M., D'Alpaos C. and Moretto M. “Do Smart Grids boost investments in domestic PV plants? Evidence from the Italian electricity market”(Bertolini et al., 2018) [1]. The dataset is an elaboration of historical spot prices provided by the Italian Gestore dei Mercati Energetici (GME) and gives information about average prices registered during the day, when photovoltaic (PV) plants are – on average – expected to produce energy. Prices are stated in €/MW
Do smart grid innovations affect real estate market values?
No full textTo date photovoltaic energy systems have been widely installed on homes in Europe and
all over the world. In Europe and in Italy investments in domestic photovoltaic power plants (PV)
were boosted by generous feed-in tariffs that made these investments extremely attractive for small
private investors, such as homeowners. It is commonly agreed that the greater the building energy
efficiency, the greater the property market value. It is of paramount importance to determine the
value that PV systems may add to home sale transactions. The aim of the paper is to investigate
whether Smart Grids (SGs) innovation can increase market values due to higher production and
consumption flexibility. SGs give de facto producers and consumers, the opportunity to be active in
the energy market and strategically decide their optimal production/consumption pattern. In this
paper, we provide a model based on the real option theory to determine the value of this flexibility
and the related market value increase. We model the homeowner decision to invest in a solar home
with a PV plant and connect to an SG by comparison to the decision to invest in a solar home not
connected to an SG. We determine the property potential market value increase due to the
opportunity to perform active energy management given by smart grids and we compare this value
increase to the PV plant value per se. To capture the value of managerial flexibility we implement a
real option approach. Results of simulations, performed according to zonal prices’ trend and
volatility in the North and South of Italy, show that in the North and in the South, being connected to
an SG increases by about 5-10% the PV investment’s value and this quota increases as energy
savings and flexibility increase. The greater the flexibility, the greater the property market value
The Effects of Smart Grids Innovation on Real Estate Market Values
No full textThe aim of the paper is to investigate whether Smart Grids innovation can increase market values due to higher production and consumption flexibility. Smart Grids give de facto producers and consumers, the opportunity to be active in the energy market and strategically decide their optimal production/consumption pattern. In this paper we provide a model based on the real option theory to determine the value of this flexibility and the related market value increase. We model the homeowner decision to invest in a PV plant and connect to a Smart Grid by comparison to the decision to invest in a solar home not connected to a smart grid. We determine the property potential market value increase due to the opportunity to perform active energy management given by smart grids and we compare this value increase to the PV plant value per se. To capture the value of managerial flexibility we implement a real option approach. The greater the flexibility the greater the property market value
Investment in Hospital Care Technology Under Different Purchasing Rules: A Real Option Approach
No full textManaging Migration through Quotas: an Option-Theory Perspective. NOTE DI LAVORO DELLA FONDAZIONE ENI ENRICO MATTEI, vol. 051.2008, ISSN: 2037-1209
No full textSelling real assets: The impact of idiosyncratic project risk in an auction environment
No full textConsider a seller auctioning a real asset among n agents. Each agent contemplates a specific investment project and the asset is crucial for its activation. Project cash flows and their volatility are private information. A first-price auction is considered and the asset is granted in exchange for a payment to be paid at the investment time. Here we determine the optimal bid function and show that the auction is efficient. The asset is assigned to the project characterized by the highest volatility in the associated cash flows. Interestingly, the bid does not depend on the time at which the project is actually executed or on the changes in post-auction cash flows. We also address concerns about the distribution of the project value among the parties and show that i) the winner always holds the largest share of the ex-post project value when projects are characterized by sufficiently high cash flow volatility and ii) negative systematic risk reduces, ceteris paribus, the share accruing to the seller. Finally, we show that cash flow volatility has an ambiguous effect on losses due to the presence of information asymmetry
An equilibrium model of habitat conservation under uncertainty and irreversibility
No full textIn this paper stochastic dynamic programming is used to investigate habitat conservation by a multitude of landholders under uncertainty about the value of environmental services and irreversible development. We study land conversion under competition on the market for agricultural products when voluntary and mandatory measures are combined by the Government to induce adequate participation in a conservation plan. We analytically determine the impact of uncertainty and optimal policy conversion dynamics and discuss different policy scenarios on the basis of the relative long-run expected rate of deforestation. Finally, some numerical simulations are provided to illustrate our findings
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Multidimensional auctions for long-term procurement contracts under the threat of early exit: the case of conservation auctions
No full textIn this paper we study how early-exit options, embedded in long-term procurement contracts which do not provide for sufficiently strong incentives against contract breach, can affect bidding behaviors in multidimensional procurement auctions and the parties' expected payoffs. We show first that bidders' payoff is lower when competing for contracts with unenforceable contract terms. Secondly, that neglecting the risk of opportunistic behavior by sellers can lead to contract awards that do not maximize the buyer's potential payoff. Finally, we make suggestions about how to mitigate potential misallocations, by pointing out the role of eligibility rules and competition among bidders
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