Acknowledgement
This research was supported by Changwon National University in 2021~2022.
References
- Abadie L.M. and Chamorro, J.M., Valuation of Wind Energy Projects: A Real Option Approach, Energies, 2014, Vol. 7, No. 5, pp. 3218-3255. https://doi.org/10.3390/en7053218
- Bae, J. and Hong, S., A Study on the Ecomomic and Envriormental Effects of Renewable Energy Policy in Jeju Island, Bank of Korea, 2015.
- Barroso, M.M. and Iniestata J.B., A Valuation of Wind Power Projects in Germany Using Real Regulatory Options, Energy, 2014, Vol. 77, pp. 422-433. https://doi.org/10.1016/j.energy.2014.09.027
- Boomsma, T.K., Meade, N., and Fleten, S., Renewable Energy Investments Under Different Support Schemes: A Real Options Approach, European Journal of Operational Research, 2012, Vol. 220, pp. 225-237. https://doi.org/10.1016/j.ejor.2012.01.017
- Bockman, T., Flenten, S.E., Juliussen, E., Langhammer H.J., and Revdal, I., Investment Timing and Optimal Capacity Choice for Small Hydropower Projects, European Journal of Operations Research, 2008, Vol. 190, No. 1, pp. 255-267. https://doi.org/10.1016/j.ejor.2007.05.044
- Deter, N. and Kotani, K., Real Options Approach to Renewable Energy Investments in Mongolia, Eenrgy Policy, 2013, Vol. 56, pp. 136-150.
- Jeon, C., Lee, J., and Shin, J., Optimal Subsidy Estimation Method Using System Dynamics and the Real Option Model: Photovoltaic Technology Case, Applied Energy, 2015, Vol. 142, pp. 33-43. https://doi.org/10.1016/j.apenergy.2014.12.067
- Kim, B., Kim, K., and Kim, C., Determining the Optimal Installation Timing of Building Integrated Photovoltaic Systems, Journal of Cleaner Production, 2017, Vol. 140, No. 3, pp. 1322-1329. https://doi.org/10.1016/j.jclepro.2016.10.020
- Kim, E.M. and Kim, M.S., Evaluating Economic Feasibility of Solar Power Generation Under the RPS System Using the Real Option Pricing Method: Comparison between Regulated and non-regulated Power Providers, Journal of the Korean Institute of Electrical and Electronic Material Engineers, 2013, Vol. 26, No. 9, pp. 690-700. https://doi.org/10.4313/JKEM.2013.26.9.690
- Kim, K., Review of Real Options analysis for Renewable Energy Projects, Korean Journal of Construction Engineering and Management, 2017, Vol. 18, No. 2, pp. 091-098. https://doi.org/10.6106/KJCEM.2017.18.2.091
- Kim, K., Lee, D., and Park, S., Evaluation of R&D Investments in Wind Power in Korea using Real Option, Renewable and Sustainable Energy Reviews, 2014, Vol. 40, pp. 335-347. https://doi.org/10.1016/j.rser.2014.07.165
- Kim, Y. and Change, B., Real Option Valuation of a Wind Power Project based on the Volatilities of Electricity Generation, New & Renewable Enegy, 2014, Vol. 10, No. 1, pp. 41-49. https://doi.org/10.7849/ksnre.2014.10.1.041
- Kjaeland, F., A Real Option Analysis of Investments in Hydropower: The Case of Norway, Energy Policy, 2007, Vol. 35, pp. 5901-5908. https://doi.org/10.1016/j.enpol.2007.07.021
- Kwak, E. and Moon, C., Analysis of Power System Stability by Deployment of Renewable Energy Resources, Journal of the Korea Institute of Electronic Communication Science, 2021, Vol. 16, No. 4, pp. 633-642.
- Lee, S., Using Real Option Analysis for Highly Uncertain Technology Investments: The Case of Wind Energy Technology, Renewable and Sustainable Energy Reviews, 2011, Vol. 15, pp. 4443-4450. https://doi.org/10.1016/j.rser.2011.07.107
- Lee, S. and Shih, L., Rnewable Energy Policy Evaluation Using Real Option Model: The Case of Taiwan, Energy Economics, 2010, Vol. 32, pp. 567-578.
- Loncar, D. Milovanovic, I., Raki, B., and Radjenovic, T., Compound Real Options Valuation of Renewable Energy Projects: The Case of a Wind Farm in Serbia, Renewable and Sustainable, Energy Reviews, 2017, Vol. 75, pp. 354-367. https://doi.org/10.1016/j.rser.2016.11.001
- Martinez-Cesena, E.A., Azzopardi, B., and Mutale, J., Assessment of Domestic Photovoltaic Systems Based on Real Options Theory, Progress in Photovoltaics: Research and Applications, 2013, Vol. 21, pp. 250-262. https://doi.org/10.1002/pip.2208
- Martinez-Cesena, E.A. and Mutale, J., Wind Power Projects Planning Considering Real Options for the Wind Reseource Assessment, IEEE Transactions on Sustainable Energy, 2012, Vol. 3, No. 1, pp. 158-166. https://doi.org/10.1109/TSTE.2011.2164102
- Reuter, W.H., Szolgayova, J., Fuss, S., and Obersteiner, M., Renewable Energy Investment: Policy and Market Impacts, Applied Energy, 2012, Vol. 97, pp. 249-254. https://doi.org/10.1016/j.apenergy.2012.01.021
- Schneider, M., Tejeda, M., Dondi, G., Herzog, F., Keel, S., and Geering, H., Making Real Options Work for Practitioners: A Generic Model for Valuing R&D Projects, R&D Management, 2008, Vol. 38, No. 1, pp. 85-106.
- Sim, J., The Default Risk of the Research Funding with Uncertain Variable in South Korea, Along with the Greeks, Journal of Society of Korea Industrial and Systems Engineering, 2021, Vol. 44, No. 1, pp. 1-8. https://doi.org/10.11627/jkise.2021.44.1.001
- Ventsanos, K., Angelopoulou, P., and Tsoutsos, T., Renewable Energy Sources Project Appraisal Under Uncertainty: The Case of Wind Energy Explotion within a Changing Energy Market Environment, Energy Policy, 2002, Vol. 30, No. 4, pp. 293-307. https://doi.org/10.1016/S0301-4215(01)00096-9
- Zhang, M.M., Zhou, P., and Zhou, D.Q., A Real Options Model for Renewable Energy Investment with Application to Solar Photovoltaic Power Generation in China, Energy Economics, 2016, Vol. 59, pp. 213-226. https://doi.org/10.1016/j.eneco.2016.07.028