{"id":"https://openalex.org/W3003465635","doi":"https://doi.org/10.3390/en13030622","title":"Real Option Valuation of the R&D Investment in Renewable Energy Considering the Effects of the Carbon Emission Trading Market: A Korean Case","display_name":"Real Option Valuation of the R&D Investment in Renewable Energy Considering the Effects of the Carbon Emission Trading Market: A Korean Case","publication_year":2020,"publication_date":"2020-02-01","ids":{"openalex":"https://openalex.org/W3003465635","doi":"https://doi.org/10.3390/en13030622","mag":"3003465635"},"language":"en","primary_location":{"id":"doi:10.3390/en13030622","doi":"https://doi.org/10.3390/en13030622","is_oa":true,"landing_page_url":"https://doi.org/10.3390/en13030622","pdf_url":"https://www.mdpi.com/1996-1073/13/3/622/pdf?version=1581343133","source":{"id":"https://openalex.org/S198098182","display_name":"Energies","issn_l":"1996-1073","issn":["1996-1073"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-class-a","anvur-scientific","cwts-core","doaj","norway-1","poland-140","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Energies","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.mdpi.com/1996-1073/13/3/622/pdf?version=1581343133","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5056952040","display_name":"Kyung-Taek Kim","orcid":"https://orcid.org/0000-0002-2087-0770","observed_orcids":["https://orcid.org/0000-0002-2087-0770"]},"institutions":[{"id":"https://openalex.org/I4210127102","display_name":"Korea Institute of Energy Research","ror":"https://ror.org/0298pes53","country_code":"KR","type":"facility","lineage":["https://openalex.org/I2801339556","https://openalex.org/I4210127102","https://openalex.org/I4210144908","https://openalex.org/I4387152098"]}],"countries":["KR"],"is_corresponding":false,"raw_author_name":"Kyung-Taek Kim","raw_affiliation_strings":["R&D Strategy Division, Korea Institute of Energy Research, Daejeon 34129, Korea"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"R&D Strategy Division, Korea Institute of Energy Research, Daejeon 34129, Korea","institution_ids":["https://openalex.org/I4210127102"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5051440159","display_name":"Deok-Joo Lee","orcid":"https://orcid.org/0000-0002-9795-8199","observed_orcids":["https://orcid.org/0000-0002-9795-8199"]},"institutions":[{"id":"https://openalex.org/I139264467","display_name":"Seoul National University","ror":"https://ror.org/04h9pn542","country_code":"KR","type":"education","lineage":["https://openalex.org/I139264467"]}],"countries":["KR"],"is_corresponding":true,"raw_author_name":"Deok-Joo Lee","raw_affiliation_strings":["Department of Industrial Engineering, Seoul National University, Seoul 08826, Korea"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Industrial Engineering, Seoul National University, Seoul 08826, Korea","institution_ids":["https://openalex.org/I139264467"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5050063120","display_name":"Donghyun An","orcid":"https://orcid.org/0000-0002-5724-946X","observed_orcids":["https://orcid.org/0000-0002-5724-946X"]},"institutions":[{"id":"https://openalex.org/I139264467","display_name":"Seoul National University","ror":"https://ror.org/04h9pn542","country_code":"KR","type":"education","lineage":["https://openalex.org/I139264467"]}],"countries":["KR"],"is_corresponding":false,"raw_author_name":"Donghyun An","raw_affiliation_strings":["Department of Industrial Engineering, Seoul National University, Seoul 08826, Korea"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Industrial Engineering, Seoul National University, Seoul 08826, Korea","institution_ids":["https://openalex.org/I139264467"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5051440159"],"corresponding_institution_ids":["https://openalex.org/I139264467"],"apc_list":{"value":1800,"currency":"CHF","value_usd":1901},"apc_paid":{"value":1800,"currency":"CHF","value_usd":1901},"fwci":3.6367,"has_fulltext":true,"cited_by_count":21,"citation_normalized_percentile":{"value":0.93101845,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"13","issue":"3","first_page":"622","last_page":"622"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10471","display_name":"Climate Change Policy and Economics","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12271","display_name":"Renewable energy and sustainable power systems","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2105","display_name":"Renewable Energy, Sustainability and the Environment"},"field":{"id":"https://openalex.org/fields/21","display_name":"Energy"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/real-options-valuation","display_name":"real options valuation","score":0.878000020980835},{"id":"https://openalex.org/keywords/renewable-energy-r-d","display_name":"renewable energy R&D","score":0.878000020980835},{"id":"https://openalex.org/keywords/emissions-trading","display_name":"emissions trading","score":0.9520000219345093},{"id":"https://openalex.org/keywords/carbon-allowances","display_name":"carbon allowances","score":0.7179999947547913},{"id":"https://openalex.org/keywords/optimal-investment-timing","display_name":"optimal investment timing","score":0.6830000281333923},{"id":"https://openalex.org/keywords/carbon-price-uncertainty","display_name":"carbon price uncertainty","score":0.7440000176429749},{"id":"https://openalex.org/keywords/korea","display_name":"Korea","score":0.335999995470047}],"concepts":[{"id":"https://openalex.org/C68189081","wikidata":"https://www.wikidata.org/wiki/Q12748","display_name":"Fossil fuel","level":2,"score":0.6110953092575073},{"id":"https://openalex.org/C100405246","wikidata":"https://www.wikidata.org/wiki/Q8348417","display_name":"Emissions trading","level":3,"score":0.6036989092826843},{"id":"https://openalex.org/C188573790","wikidata":"https://www.wikidata.org/wiki/Q12705","display_name":"Renewable energy","level":2,"score":0.5670876502990723},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5148577094078064},{"id":"https://openalex.org/C175605778","wikidata":"https://www.wikidata.org/wiki/Q3299701","display_name":"Natural resource economics","level":1,"score":0.49985551834106445},{"id":"https://openalex.org/C2776849302","wikidata":"https://www.wikidata.org/wiki/Q1239166","display_name":"Energy market","level":3,"score":0.4964357018470764},{"id":"https://openalex.org/C186027771","wikidata":"https://www.wikidata.org/wiki/Q4008379","display_name":"Valuation (finance)","level":2,"score":0.4746968150138855},{"id":"https://openalex.org/C2779200991","wikidata":"https://www.wikidata.org/wiki/Q20681009","display_name":"Carbon price","level":3,"score":0.4175625443458557},{"id":"https://openalex.org/C140205800","wikidata":"https://www.wikidata.org/wiki/Q5860","display_name":"Carbon fibers","level":3,"score":0.4167899191379547},{"id":"https://openalex.org/C47737302","wikidata":"https://www.wikidata.org/wiki/Q167336","display_name":"Greenhouse gas","level":2,"score":0.3535894751548767},{"id":"https://openalex.org/C134560507","wikidata":"https://www.wikidata.org/wiki/Q753291","display_name":"Environmental economics","level":1,"score":0.3207331895828247},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.10910716652870178},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.1055808961391449},{"id":"https://openalex.org/C185592680","wikidata":"https://www.wikidata.org/wiki/Q2329","display_name":"Chemistry","level":0,"score":0.09792846441268921},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C178790620","wikidata":"https://www.wikidata.org/wiki/Q11351","display_name":"Organic chemistry","level":1,"score":0.0},{"id":"https://openalex.org/C119599485","wikidata":"https://www.wikidata.org/wiki/Q43035","display_name":"Electrical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C104779481","wikidata":"https://www.wikidata.org/wiki/Q50707","display_name":"Composite number","level":2,"score":0.0},{"id":"https://openalex.org/C11413529","wikidata":"https://www.wikidata.org/wiki/Q8366","display_name":"Algorithm","level":1,"score":0.0},{"id":"https://openalex.org/C18903297","wikidata":"https://www.wikidata.org/wiki/Q7150","display_name":"Ecology","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.3390/en13030622","doi":"https://doi.org/10.3390/en13030622","is_oa":true,"landing_page_url":"https://doi.org/10.3390/en13030622","pdf_url":"https://www.mdpi.com/1996-1073/13/3/622/pdf?version=1581343133","source":{"id":"https://openalex.org/S198098182","display_name":"Energies","issn_l":"1996-1073","issn":["1996-1073"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-class-a","anvur-scientific","cwts-core","doaj","norway-1","poland-140","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Energies","raw_type":"journal-article"},{"id":"pmh:oai:doaj.org/article:b2692b5ad8ef44ee969ba10c9738fb4c","doi":null,"is_oa":true,"landing_page_url":"https://doaj.org/article/b2692b5ad8ef44ee969ba10c9738fb4c","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Energies, Vol 13, Iss 3, p 622 (2020)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.3390/en13030622","doi":"https://doi.org/10.3390/en13030622","is_oa":true,"landing_page_url":"https://doi.org/10.3390/en13030622","pdf_url":"https://www.mdpi.com/1996-1073/13/3/622/pdf?version=1581343133","source":{"id":"https://openalex.org/S198098182","display_name":"Energies","issn_l":"1996-1073","issn":["1996-1073"],"is_oa":true,"is_in_doaj":true,"is_core":true,"listed_in":["anvur-class-a","anvur-scientific","cwts-core","doaj","norway-1","poland-140","russia-white-list-2","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Energies","raw_type":"journal-article"},"sustainable_development_goals":[{"score":1.0,"display_name":"Climate action","id":"https://metadata.un.org/sdg/13"},{"score":0.9090999960899353,"display_name":"Affordable and clean energy","id":"https://metadata.un.org/sdg/7"}],"study_designs":[],"awards":[{"id":"https://openalex.org/G164946020","display_name":null,"funder_award_id":"NRF-2015R1A2A1A15056066","funder_id":"https://openalex.org/F4320322120","funder_display_name":"National Research Foundation of Korea"},{"id":"https://openalex.org/G1814920835","display_name":null,"funder_award_id":"NRF-2017R1A2B2005894","funder_id":"https://openalex.org/F4320322120","funder_display_name":"National Research Foundation of Korea"}],"funders":[{"id":"https://openalex.org/F4320322120","display_name":"National Research Foundation of Korea","ror":"https://ror.org/013aysd81"}],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3003465635.pdf","grobid_xml":"https://content.openalex.org/works/W3003465635.grobid-xml"},"referenced_works_count":23,"referenced_works":["https://openalex.org/W167167567","https://openalex.org/W1545511559","https://openalex.org/W1965405190","https://openalex.org/W1970224745","https://openalex.org/W1981480891","https://openalex.org/W1988871276","https://openalex.org/W1997471010","https://openalex.org/W1997859636","https://openalex.org/W1998851765","https://openalex.org/W2000938693","https://openalex.org/W2014873215","https://openalex.org/W2014877057","https://openalex.org/W2018467546","https://openalex.org/W2045788608","https://openalex.org/W2086987659","https://openalex.org/W2094369574","https://openalex.org/W2131223429","https://openalex.org/W2165364854","https://openalex.org/W2169183250","https://openalex.org/W2430290495","https://openalex.org/W2552678918","https://openalex.org/W2802246175","https://openalex.org/W2927713464"],"related_works":["https://openalex.org/W2840196832","https://openalex.org/W2047047931","https://openalex.org/W1545511559","https://openalex.org/W2134947759","https://openalex.org/W1542248864","https://openalex.org/W2249950411","https://openalex.org/W2392216210","https://openalex.org/W1997471010","https://openalex.org/W2565028021","https://openalex.org/W4403303253"],"abstract_inverted_index":{"A":[0],"carbon":[1,16,36,56,70,88,118,148,178],"market":[2,29],"was":[3],"introduced":[4,55],"for":[5,30],"the":[6,13,35,106,115,124,132,140,143,151,170,188],"first":[7],"time":[8],"in":[9,23,122,158,186],"January":[10,42],"2005,":[11],"when":[12],"EU":[14],"assigned":[15],"emission":[17,37,71,119],"allowances":[18],"to":[19,49,87,96,138,169],"approximately":[20],"15,000":[21],"enterprises":[22],"25":[24],"countries":[25,53],"and":[26,177,193],"established":[27],"a":[28,98,182],"emissions":[31],"trading.":[32],"In":[33],"Korea,":[34],"trading":[38],"system":[39],"started":[40],"from":[41],"2015":[43],"with":[44],"three":[45],"phases":[46],"running":[47],"up":[48],"2025.":[50],"As":[51],"many":[52],"have":[54,83],"markets,":[57],"new":[58],"evaluation":[59],"models":[60],"that":[61,102],"consider":[62],"not":[63,104],"only":[64,105],"fossil":[65,80,110,175],"energy":[66,81,111,129,156,176],"prices":[67],"but":[68,113],"also":[69,114],"costs":[72,77],"are":[73,195],"necessary":[74],"because":[75],"additional":[76],"of":[78,92,108,117,127,142,145,154,174,191],"using":[79],"might":[82],"been":[84],"incurred":[85],"due":[86],"emissions.":[89],"The":[90],"purpose":[91],"this":[93],"paper":[94],"is":[95],"develop":[97],"real":[99,133],"option":[100,134],"model":[101,185],"considers":[103],"uncertainty":[107,116,144],"existing":[109],"prices,":[112,121],"rights":[120],"evaluating":[123],"economic":[125,152],"value":[126,153],"renewable":[128,155],"R&D.":[130],"Using":[131],"model,":[135],"we":[136,162],"attempted":[137],"assess":[139],"effects":[141],"newly":[146],"appearing":[147],"markets":[149,179],"on":[150],"R&D":[157,192],"Korea":[159],"empirically.":[160],"Furthermore,":[161],"derived":[163],"an":[164],"optimal":[165,189],"decision":[166],"path":[167],"according":[168],"uncertain":[171],"future":[172],"situations":[173],"by":[180],"analyzing":[181],"trinomial":[183],"lattice":[184],"which":[187],"timings":[190],"deployment":[194],"identified.":[196]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":2},{"year":2024,"cited_by_count":3},{"year":2023,"cited_by_count":8},{"year":2022,"cited_by_count":3},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":1}],"updated_date":"2026-10-08T09:06:37.294493","created_date":"2020-02-07T00:00:00"}