The financial concept of real options has important consequences in areas of environmental and natural resources law where irreversible decisions are made in the face of uncertainty. This article argues that consideration of real options is necessary to maximize economic return from...

This paper empirically investigates banks' investment allocations over the recent business cycle. I identify unsolicited deposit shocks resulting from unconventional energy development and estimate bank allocations of these deposits. In the pre-recession period, banks lend 38 percent of...

The development of petroleum resources through cooperative rather than competitive mechanisms has assumed great importance globally. Unitization is the joint, coordinated operation of a petroleum reservoir by all the different owners of the reservoir; it is the best mechanism for assuring the...

Green technological progress bears a strong potential to alleviate climate change, but its utilization is contingent on factors which are by nature impossible to anticipate or predict. Developing stochastic optimisation models, we explore how the decision to invest in research and development...

Offshore wind power is regarded as a crucial renewable energy technology to achieve the ambitious CO2 reduction targets of the EU. However, offshore wind power is not yet competitive with traditional electricity generation technologies, so its sustained development depends on national support...