Sustainability Real Options
研究了可持续投资决策中的实物期权方法，通过扩展净现值纳入社会实物期权，评估可再生能源逐步引入和化石燃料逐步退出的价值，帮助企业更负责任地行动。
Summary Decision-making on sustainability investment faces two challenges. First, appraisal methods are based on a narrow view of shareholder value and require extensions to support decisions that involve valuable outcomes for society. Second, the consequences of climate change are uncertain. However, firms have real options to adapt, which helps them realize the energy transition. An extended net present value that includes societal real options can assess the value of phasing in renewables (e.g., timing, expansion, and growth options) and phasing out fossil fuels (contraction, abandonment, and switching options). Increased corporate awareness of societal real options value should encourage corporations to act more responsibly.