2017 Fiscal Year Final Research Report
Development of Evaluating Models for Environmental Policies by using Real Options Approach under Ambiguity and Their Applications
| Project/Area Number |
15K01213
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Social systems engineering/Safety system
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| Research Institution | Doshisha University |
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Principal Investigator |
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| Project Period (FY) |
2015-04-01 – 2018-03-31
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| Keywords | リアルオプション / 曖昧性 / 環境政策 |
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| Outline of Final Research Achievements |
This research project investigates pollution reduction policies and firm's capital investment strategies under ambiguity. These researches show that the optimal pollution reduction policy which maximizes social welfare and the optimal capital investment strategy which maximizes the profit. In environmental policy, the ambiguity reduces consumption and encourages investment in production and pollutant reduction capitals. Overall, the ambiguity reduces social welfare. In firm's capital investment, this research project considers the quadratic adjustment cost and the case in which the capital is expanded and/or reduced as needed. The research finds the higher degree of ambiguity-aversion postpones the capital investment.
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| Free Research Field |
ファイナンス
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