Blar i Discussion papers (FOR) på forfatter "Chronopoulos, Michail"
-
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 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. ... -
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 ...