{"id":"https://openalex.org/W3131909704","doi":"https://doi.org/10.1177/0958305x21992291","title":"Price and subsidy under uncertainty: Real-option approach to optimal investment decisions on energy storage with solar PV","display_name":"Price and subsidy under uncertainty: Real-option approach to optimal investment decisions on energy storage with solar PV","publication_year":2021,"publication_date":"2021-02-15","ids":{"openalex":"https://openalex.org/W3131909704","doi":"https://doi.org/10.1177/0958305x21992291","mag":"3131909704"},"language":"en","primary_location":{"id":"doi:10.1177/0958305x21992291","doi":"https://doi.org/10.1177/0958305x21992291","is_oa":false,"landing_page_url":"https://doi.org/10.1177/0958305x21992291","pdf_url":null,"source":{"id":"https://openalex.org/S184363771","display_name":"Energy & Environment","issn_l":"0958-305X","issn":["0958-305X","2048-4070"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","jufo-1","norway-1","poland-40","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320017","host_organization_name":"SAGE Publishing","host_organization_lineage":["https://openalex.org/P4310320017"],"host_organization_lineage_names":["SAGE Publishing"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Energy & Environment","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":null,"display_name":"Jingyu Qu","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I111277659","display_name":"Chonnam National University","ror":"https://ror.org/05kzjxq56","country_code":"KR","type":"education","lineage":["https://openalex.org/I111277659"]}],"countries":["KR"],"is_corresponding":false,"raw_author_name":"Jingyu Qu","raw_affiliation_strings":["Department of Economics, Chonnam National University, Gwangju, South Korea"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics, Chonnam National University, Gwangju, South Korea","institution_ids":["https://openalex.org/I111277659"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5006523211","display_name":"Wooyoung Jeon","orcid":"https://orcid.org/0000-0003-2264-7289","observed_orcids":["https://orcid.org/0000-0003-2264-7289"]},"institutions":[{"id":"https://openalex.org/I111277659","display_name":"Chonnam National University","ror":"https://ror.org/05kzjxq56","country_code":"KR","type":"education","lineage":["https://openalex.org/I111277659"]}],"countries":["KR"],"is_corresponding":true,"raw_author_name":"Wooyoung Jeon","raw_affiliation_strings":["Department of Economics, Chonnam National University, Gwangju, South Korea"],"raw_orcid":"https://orcid.org/0000-0003-2264-7289","affiliations":[{"raw_affiliation_string":"Department of Economics, Chonnam National University, Gwangju, South Korea","institution_ids":["https://openalex.org/I111277659"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5006523211"],"corresponding_institution_ids":["https://openalex.org/I111277659"],"apc_list":{"value":3000,"currency":"USD","value_usd":3000},"apc_paid":null,"fwci":2.0728,"has_fulltext":false,"cited_by_count":23,"citation_normalized_percentile":{"value":0.88425191,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":99},"biblio":{"volume":"33","issue":"2","first_page":"263","last_page":"282"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":0.9365000128746033,"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":0.9365000128746033,"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/T10424","display_name":"Electric Power System Optimization","score":0.032600000500679016,"subfield":{"id":"https://openalex.org/subfields/2208","display_name":"Electrical and Electronic Engineering"},"field":{"id":"https://openalex.org/fields/22","display_name":"Engineering"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T14481","display_name":"Renewable Energy and Sustainability","score":0.007699999958276749,"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/energy-storage-investment","display_name":"energy storage investment","score":0.8339999914169312},{"id":"https://openalex.org/keywords/photovoltaics","display_name":"photovoltaics","score":0.800000011920929},{"id":"https://openalex.org/keywords/renewable-portfolio-standards","display_name":"renewable portfolio standards","score":0.734000027179718},{"id":"https://openalex.org/keywords/feed-in-tariffs","display_name":"feed-in tariffs","score":0.9150000214576721},{"id":"https://openalex.org/keywords/renewable-energy-subsidies","display_name":"renewable energy subsidies","score":0.7160000205039978},{"id":"https://openalex.org/keywords/real-options","display_name":"real options","score":0.6100000143051147},{"id":"https://openalex.org/keywords/electricity-price-volatility","display_name":"electricity price volatility","score":0.8579999804496765},{"id":"https://openalex.org/keywords/renewable-energy-certificates","display_name":"renewable energy certificates","score":0.7070000171661377},{"id":"https://openalex.org/keywords/investment-risk","display_name":"investment risk","score":0.5569999814033508},{"id":"https://openalex.org/keywords/korea","display_name":"Korea","score":0.40299999713897705}],"concepts":[{"id":"https://openalex.org/C84265765","wikidata":"https://www.wikidata.org/wiki/Q193219","display_name":"Subsidy","level":2,"score":0.6516967415809631},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6124796867370605},{"id":"https://openalex.org/C2779173739","wikidata":"https://www.wikidata.org/wiki/Q7313125","display_name":"Renewable portfolio standard","level":5,"score":0.5659449696540833},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.5595321655273438},{"id":"https://openalex.org/C188573790","wikidata":"https://www.wikidata.org/wiki/Q12705","display_name":"Renewable energy","level":2,"score":0.5352995991706848},{"id":"https://openalex.org/C105442212","wikidata":"https://www.wikidata.org/wiki/Q279637","display_name":"Feed-in tariff","level":4,"score":0.5337954759597778},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.485806941986084},{"id":"https://openalex.org/C2776060655","wikidata":"https://www.wikidata.org/wiki/Q52389","display_name":"Tariff","level":2,"score":0.46959200501441956},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.4539789855480194},{"id":"https://openalex.org/C2779200991","wikidata":"https://www.wikidata.org/wiki/Q20681009","display_name":"Carbon price","level":3,"score":0.410087525844574},{"id":"https://openalex.org/C134560507","wikidata":"https://www.wikidata.org/wiki/Q753291","display_name":"Environmental economics","level":1,"score":0.37286171317100525},{"id":"https://openalex.org/C131046424","wikidata":"https://www.wikidata.org/wiki/Q1805337","display_name":"Energy policy","level":3,"score":0.23326653242111206},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.22812411189079285},{"id":"https://openalex.org/C18547055","wikidata":"https://www.wikidata.org/wiki/Q47417","display_name":"International economics","level":1,"score":0.14559125900268555},{"id":"https://openalex.org/C47737302","wikidata":"https://www.wikidata.org/wiki/Q167336","display_name":"Greenhouse gas","level":2,"score":0.12809526920318604},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.10582920908927917},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.08491578698158264},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","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/C18903297","wikidata":"https://www.wikidata.org/wiki/Q7150","display_name":"Ecology","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1177/0958305x21992291","doi":"https://doi.org/10.1177/0958305x21992291","is_oa":false,"landing_page_url":"https://doi.org/10.1177/0958305x21992291","pdf_url":null,"source":{"id":"https://openalex.org/S184363771","display_name":"Energy & Environment","issn_l":"0958-305X","issn":["0958-305X","2048-4070"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","jufo-1","norway-1","poland-40","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320017","host_organization_name":"SAGE Publishing","host_organization_lineage":["https://openalex.org/P4310320017"],"host_organization_lineage_names":["SAGE Publishing"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Energy & Environment","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:sae:engenv:v:33:y:2022:i:2:p:263-282","doi":null,"is_oa":false,"landing_page_url":"https://journals.sagepub.com/doi/10.1177/0958305X21992291","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[{"display_name":"Affordable and clean energy","score":1.0,"id":"https://metadata.un.org/sdg/7"},{"display_name":"Climate action","score":0.821399986743927,"id":"https://metadata.un.org/sdg/13"},{"display_name":"Industry, innovation and infrastructure","score":0.651199996471405,"id":"https://metadata.un.org/sdg/9"}],"sustainable_development_goals_aurora":[{"display_name":"Affordable and clean energy","score":0.7300000190734863,"id":"https://metadata.un.org/sdg/7"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":23,"referenced_works":["https://openalex.org/W1482923053","https://openalex.org/W1984912996","https://openalex.org/W1992435367","https://openalex.org/W2030461917","https://openalex.org/W2033722662","https://openalex.org/W2073281854","https://openalex.org/W2077452008","https://openalex.org/W2077789959","https://openalex.org/W2078467611","https://openalex.org/W2113186942","https://openalex.org/W2181605506","https://openalex.org/W2782288789","https://openalex.org/W2889018967","https://openalex.org/W2901183530","https://openalex.org/W2995990648","https://openalex.org/W3011615561","https://openalex.org/W3028114943","https://openalex.org/W3081011814","https://openalex.org/W3093455441","https://openalex.org/W3094879044","https://openalex.org/W3096874644","https://openalex.org/W3097445798","https://openalex.org/W4365787967"],"related_works":["https://openalex.org/W4416694624","https://openalex.org/W2563134448","https://openalex.org/W4391629560","https://openalex.org/W2509262585","https://openalex.org/W4241699314","https://openalex.org/W3087143674","https://openalex.org/W4407184472","https://openalex.org/W7097220976","https://openalex.org/W4407781904","https://openalex.org/W4400193949"],"abstract_inverted_index":{"Renewable":[0,49,155],"generation":[1,114],"sources":[2],"still":[3],"have":[4,70],"not":[5],"achieved":[6],"economic":[7],"validity":[8],"in":[9,39,61,115,135,215],"many":[10],"countries":[11],"including":[12],"Korea,":[13],"and":[14,43,64,108,112,139,213,230],"require":[15],"subsidies":[16,65],"to":[17,21,32,47,53,127,190,217],"support":[18,33],"the":[19,34,48,67,80,85,89,106,116,129,147,154,173,176,181,192,195,199,208,219,223,232],"transition":[20],"a":[22,184],"low-carbon":[23],"economy.":[24],"An":[25],"initial":[26],"Feed-In":[27],"Tariff":[28],"(FIT)":[29],"was":[30,45],"adopted":[31],"deployment":[35],"of":[36,93,110,151,175,210,222],"renewable":[37],"energy":[38,94],"Korea":[40],"until":[41],"2011":[42],"then":[44],"switched":[46],"Portfolio":[50],"Standard":[51],"(RPS)":[52],"implement":[54],"more":[55],"market-oriented":[56],"mechanisms.":[57],"However,":[58],"high":[59],"volatilities":[60,83,162],"electricity":[62],"prices":[63],"under":[66,84,159,168],"RPS":[68,86,212],"scheme":[69,87,205],"weakened":[71],"investment":[72,91,134,188,193],"incentives.":[73],"In":[74,198],"this":[75],"study":[76],"we":[77,201],"estimate":[78,128],"how":[79],"multiple":[81,141,160],"price":[82,132,142,150,161,170,178,189,235],"affect":[88],"optimal":[90,130,148,187],"decisions":[92],"storage":[95],"projects,":[96],"whose":[97],"importance":[98],"is":[99,163],"increasing":[100],"rapidly":[101],"because":[102],"they":[103],"can":[104],"mitigate":[105],"variability":[107],"uncertainty":[109],"solar":[111],"wind":[113],"power":[117],"system.":[118],"We":[119,144],"applied":[120],"mathematical":[121],"analysis":[122],"based":[123],"on":[124],"real-option":[125],"methods":[126],"trigger":[131,149],"for":[133,236],"energy-storage":[136],"projects":[137],"with":[138],"without":[140],"volatilities.":[143,171],"found":[145],"that":[146,167,206],"subsidy":[152,224,228],"called":[153],"Energy":[156],"Certificate":[157],"(REC)":[158],"10.5%":[164],"higher":[165,186],"than":[166],"no":[169],"If":[172],"volatility":[174,229],"REC":[177],"gets":[179],"doubled,":[180],"project":[182],"requires":[183],"26.6%":[185],"justify":[191],"against":[194],"increased":[196],"risk.":[197],"end,":[200],"propose":[202],"an":[203],"auction":[204],"has":[207],"advantage":[209],"both":[211],"FIT":[214],"order":[216],"minimize":[218],"financial":[220],"burden":[221],"program":[225],"by":[226],"eliminating":[227],"find":[231],"minimum":[233],"willingness-to-accept":[234],"investors.":[237]},"counts_by_year":[{"year":2026,"cited_by_count":7},{"year":2025,"cited_by_count":6},{"year":2024,"cited_by_count":3},{"year":2023,"cited_by_count":4},{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":1}],"updated_date":"2026-09-27T08:07:27.782135","created_date":"2021-03-01T00:00:00"}