Westner, Günther; Madlener, Reinhard - In: Energy Economics 34 (2012) 1, pp. 31-44
In this paper, we apply a spread-based real options approach to analyze the decision-making problem of an investor who has the choice between an irreversible investment in a condensing power plant without heat utilization and a plant with combined heat-and-power (CHP) generation. Our...