| Budget Amount *help |
¥4,680,000 (Direct Cost: ¥3,600,000、Indirect Cost: ¥1,080,000)
Fiscal Year 2014: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2013: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Fiscal Year 2012: ¥1,820,000 (Direct Cost: ¥1,400,000、Indirect Cost: ¥420,000)
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| Outline of Final Research Achievements |
This study investigates pollution abatement investment projects by using real options method. Especially this study focuses as follows. 1) This study examines a firm’s pollutant abatement investment problem under uncertainty. It is assumed that the firm can invest in the pollutant abatement capital as necessary. Then, the firm’s problem is formulated as a singular stochastic control problem. The optimal investment strategy is shown. 2) This study also considers a firm's R&D project investment uncertainty. The firm has two R&D project options and must decide in which project to invest and when to invest in the chosen R&D project so as to maximize profit. Using this analysis, the firm's expenditure on R&D investment is endogenously derived and the optimal R&D investment strategy is shown. Furthermore, comparative static analyses show that how economic parameters like uncertainty impact on investment decision.
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