The Value of Green Energy: Optimal Investment in Mutually Exclusive Projects and Operating Leverage
研究了在互斥项目中，面对不同成本结构（可变成本与固定成本）时，如何最优投资于绿色能源技术，并分析了经营杠杆对投资决策和项目价值的影响，对电力项目投资有实际应用。
Abstract We study investments in exclusive projects with different cost structures. Our analysis incorporates the possibility of producing a stochastic revenue stream from two alternative technologies with a stochastic variable cost and a fixed cost, respectively, and accounts for project managers’ endogenous operating decisions. The optimal investment decision is characterized by two possibly nonmonotone boundaries. We examine the effect of operating leverage on managerial policies, investment decisions, and values and carry out an application to power generation projects. We assess the impact of knowledge acquisition, that is, investments in growth options.