• Duopolistic competition under risk aversion and uncertainty 

      Chronopoulos, Michail; De Reyck, Bert; Siddiqui, Afzal S. (Journal article; Peer reviewed, 2014-07-16)
      A monopolist typically defers entry into an industry as both price uncertainty and the level of risk aversion increase. By contrast, the presence of a rival typically hastens entry under risk neutrality. Here, we examine ...
    • Real options : duopolistic competition under asymmetric information 

      Alm, Aleksander Lindboe (Master thesis, 2016)
      The real options approach to investment decisions has gained widespread popularity over the past decades for the ability to highlight the value of flexibility under uncertainty. Theory has been evolving rapidly, much of ...
    • Sequential Investment in Emerging Technologies under Policy Uncertainty 

      Sendstad, Lars Hegnes; Chronopoulos, Michail (Discussion paper;10/16, Working paper, 2016-06-14)
      Investment in emerging technologies is particularly challenging, since, apart from uncertainty in revenue streams, firms must also take into account both policy uncertainty and the random arrival of innovations. We assume ...
    • Stepwise Green Investment under Policy Uncertainty 

      Chronopoulos, Michail; Hagspiel, Verena; Fleten, Stein-Erik (Peer reviewed; Journal article, 2016)
      We analyse how market price and policy uncertainty, in the form of random provision or retraction of a subsidy, interact to affect the optimal time of Investment and the size of a renewable energy (RE) project that can be ...
    • Stepwise investment and capacity sizing under uncertainty 

      Chronopoulos, Michail; Hagspiel, Verena; Fleten, Stein-Erik (Peer reviewed; Journal article, 2016)
      The relationship between uncertainty and managerial flexibility is particularly crucial in addressing capital projects. We consider a firm that can invest in a project in either a single (lumpy investment) or multiple ...
    • Stepwise Investment and Capacity Sizing under Uncertainty 

      Chronopoulos, Michail; Hagspiel, Verena; Fleten, Stein-Erik (Discussion paper;10/15, Working paper, 2015-02-13)
      The relationship between uncertainty and managerial flexibility is particularly crucial in addressing capital projects. We consider a firm that can invest in a project in either a single (lumpy investment) or multiple ...
    • Strategic Technology Switching under Risk Aversion and Uncertainty 

      Sendstad, Lars Hegnes; Chronopoulos, Michail (Discussion paper;10/17, Working paper, 2017-09-12)
      Sequential investment opportunities or the presence of a rival typically hasten investment under risk neutrality. By contrast, greater price uncertainty or risk aversion increase the incentive to postpone investment in the ...
    • Systematic Analysis of the Evolution of Electricity and Carbon Markets under Deep Decarbonisation 

      Blyth, William; Bunn, Derek; Chronopoulos, Michail; Munoz, Jose (Discussion paper;39/14, Working paper, 2014-12)
      The decarbonisation of electricity generation presents policy-makers in many countries with the delicate task of balancing initiatives for technological change whilst maintaining a commitment to market liberalisation. ...
    • The value of expanding commercial rental space : a real options framework 

      Hansteen, Joachim; Larsen, Gjermund Furru (Master thesis, 2015)
      In this thesis, we develop a real options framework to value options to expand a commercial property. We consider the investment in a development project under uncertainty in future rental rates and in the presence of ...
    • When is it better to wait for a new version? : optimal replacement of an emerging technology under uncertainty 

      Chronopoulos, Michail; Siddiqui, Afzal (Discussion papers;26/14, Working paper, 2014-06)
      We determine the optimal timing for replacement of an emerging technology facing uncertainty in both the output price and the arrival of new versions. Via a sequential investment framework, we determine the value of the ...