A Stochastic Approach to Environmental Investment Problems with the Planar Impulse Control(Fostering Joint International Research)

2019 Fiscal Year Final Research Report

• Project/Area Number: 16KK0046
• Research Category: Fund for the Promotion of Joint International Research (Fostering Joint International Research)
• Allocation Type: Multi-year Fund
• Research Field: Social systems engineering/Safety system
• Research Institution: Hokkaido University
• Principal Investigator: Goto Makoto 北海道大学, 経済学研究院, 准教授 (30434286)
• Project Period (FY): 2017 – 2019
• Keywords: リアルオプション / 環境投資 / インパルス制御 / RPS

Outline of Final Research Achievements

This research analyzes a policy decision problem of Renewable Portfolio Standards (RPS) in environmental investment problems. In particular, we have found the optimal investment timing and RPS target in terms of policy maker in the market where both non-renewable and renewable energy producers exist. Our main results are as follows: (1) High uncertainty delays the timing of policy change and gains RPS target; (2) if greenhouse gas emissions is less admissible, the policy maker decides higher RPS target sooner and consequently the supply of both energy producers are reduced.

Free Research Field

投資決定理論

Academic Significance and Societal Importance of the Research Achievements

本研究のモデルは，RPS目標値，企業の環境投資，社会的厚生の3つの相互作用を分析可能なモデルを構築し，市場均衡を保ちながら企業の環境投資と社会的厚生を最適化するRPS目標値を求めるものである．これによって，企業行動や市場均衡を踏まえて環境政策を定量的に評価することが可能となり，RPS目標値が極端に低かったために効果がみられず，本来有効な制度が廃止されるという事態の防止につながる．さらに，企業の競争環境，制度設計の不確実性を取り入れることで，モデルを拡張して環境政策の詳細な定量的評価を行なうことが可能になり，地球温暖化問題の解決への手掛かりとなり得る．