Technology Choice under Emission Regulation Uncertainty in International Container Shipping

We present a real options approach to evaluate technology and capacity choices under regulatory uncertainty. Our two-phase, regime-switching model includes the option of investing in different technologies as well as a charter and layup option, respectively. For a base-case version of this model, we...
Ausführliche Beschreibung

Gespeichert in:

Autor*in:	Haehl, Christian [verfasserIn] Spinler, Stefan [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2019

Schlagwörter:	Operations Research
Schlagwörter:	OR in maritime industry OR in environment and climate change Technology choice Regulatory uncertainty Maritime shipping

Übergeordnetes Werk:	Enthalten in: European journal of operational research - Amsterdam [u.a.] : Elsevier, 1977, 284, Seite 383-396
Übergeordnetes Werk:	volume:284 ; pages:383-396

DOI / URN:	10.1016/j.ejor.2019.12.025

Katalog-ID:	ELV003696170

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520			\|a We present a real options approach to evaluate technology and capacity choices under regulatory uncertainty. Our two-phase, regime-switching model includes the option of investing in different technologies as well as a charter and layup option, respectively. For a base-case version of this model, we derive an analytical solution before studying the effect of regulatory uncertainty in a numerical extension that relaxes certain restrictive assumptions. We then describe three regulatory regimes, an emissions cap, an emissions tax and a cap-and-trade market, and compare how effectively each reduces emissions. Applying the model to maritime container shipping, we develop insights on the optimal technology choice for reducing SO x emissions. We find that regulatory uncertainty can increase not only project values but also owned capacity. From a regulatory perspective, an emissions cap reduces emissions more effectively whereas an emissions tax reduces the cost of regulation. The cap-and-trade market emerges in many respects as superior to an emissions tax. Finally, we show that setting the emissions cap level—or deciding on the level above which an emissions tax or emissions trade apply—is critical because reduction in total industry emissions are not necessarily continuous.
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bklnumber	85.03
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allfields	10.1016/j.ejor.2019.12.025 doi (DE-627)ELV003696170 (ELSEVIER)S0377-2217(19)31049-5 DE-627 ger DE-627 rda eng 85.03 bkl Haehl, Christian verfasserin aut Technology Choice under Emission Regulation Uncertainty in International Container Shipping 2019 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier We present a real options approach to evaluate technology and capacity choices under regulatory uncertainty. Our two-phase, regime-switching model includes the option of investing in different technologies as well as a charter and layup option, respectively. For a base-case version of this model, we derive an analytical solution before studying the effect of regulatory uncertainty in a numerical extension that relaxes certain restrictive assumptions. We then describe three regulatory regimes, an emissions cap, an emissions tax and a cap-and-trade market, and compare how effectively each reduces emissions. Applying the model to maritime container shipping, we develop insights on the optimal technology choice for reducing SO x emissions. We find that regulatory uncertainty can increase not only project values but also owned capacity. From a regulatory perspective, an emissions cap reduces emissions more effectively whereas an emissions tax reduces the cost of regulation. The cap-and-trade market emerges in many respects as superior to an emissions tax. Finally, we show that setting the emissions cap level—or deciding on the level above which an emissions tax or emissions trade apply—is critical because reduction in total industry emissions are not necessarily continuous. 1.1\x Operations Research (DE-2867)15483-0 stw OR in maritime industry OR in environment and climate change Technology choice Regulatory uncertainty Maritime shipping Spinler, Stefan verfasserin aut Enthalten in European journal of operational research Amsterdam [u.a.] : Elsevier, 1977 284, Seite 383-396 Online-Ressource (DE-627)306713470 (DE-600)1501061-2 (DE-576)094058377 0377-2217 nnns volume:284 pages:383-396 GBV_USEFLAG_U SYSFLAG_U GBV_ELV GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_150 GBV_ILN_151 GBV_ILN_224 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2336 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4313 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4393 85.03 Methoden und Techniken der Betriebswirtschaft BIZ-10001 SKW AR 284 383-396
spelling	10.1016/j.ejor.2019.12.025 doi (DE-627)ELV003696170 (ELSEVIER)S0377-2217(19)31049-5 DE-627 ger DE-627 rda eng 85.03 bkl Haehl, Christian verfasserin aut Technology Choice under Emission Regulation Uncertainty in International Container Shipping 2019 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier We present a real options approach to evaluate technology and capacity choices under regulatory uncertainty. Our two-phase, regime-switching model includes the option of investing in different technologies as well as a charter and layup option, respectively. For a base-case version of this model, we derive an analytical solution before studying the effect of regulatory uncertainty in a numerical extension that relaxes certain restrictive assumptions. We then describe three regulatory regimes, an emissions cap, an emissions tax and a cap-and-trade market, and compare how effectively each reduces emissions. Applying the model to maritime container shipping, we develop insights on the optimal technology choice for reducing SO x emissions. We find that regulatory uncertainty can increase not only project values but also owned capacity. From a regulatory perspective, an emissions cap reduces emissions more effectively whereas an emissions tax reduces the cost of regulation. The cap-and-trade market emerges in many respects as superior to an emissions tax. Finally, we show that setting the emissions cap level—or deciding on the level above which an emissions tax or emissions trade apply—is critical because reduction in total industry emissions are not necessarily continuous. 1.1\x Operations Research (DE-2867)15483-0 stw OR in maritime industry OR in environment and climate change Technology choice Regulatory uncertainty Maritime shipping Spinler, Stefan verfasserin aut Enthalten in European journal of operational research Amsterdam [u.a.] : Elsevier, 1977 284, Seite 383-396 Online-Ressource (DE-627)306713470 (DE-600)1501061-2 (DE-576)094058377 0377-2217 nnns volume:284 pages:383-396 GBV_USEFLAG_U SYSFLAG_U GBV_ELV GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_150 GBV_ILN_151 GBV_ILN_224 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2336 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4313 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4393 85.03 Methoden und Techniken der Betriebswirtschaft BIZ-10001 SKW AR 284 383-396
allfields_unstemmed	10.1016/j.ejor.2019.12.025 doi (DE-627)ELV003696170 (ELSEVIER)S0377-2217(19)31049-5 DE-627 ger DE-627 rda eng 85.03 bkl Haehl, Christian verfasserin aut Technology Choice under Emission Regulation Uncertainty in International Container Shipping 2019 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier We present a real options approach to evaluate technology and capacity choices under regulatory uncertainty. Our two-phase, regime-switching model includes the option of investing in different technologies as well as a charter and layup option, respectively. For a base-case version of this model, we derive an analytical solution before studying the effect of regulatory uncertainty in a numerical extension that relaxes certain restrictive assumptions. We then describe three regulatory regimes, an emissions cap, an emissions tax and a cap-and-trade market, and compare how effectively each reduces emissions. Applying the model to maritime container shipping, we develop insights on the optimal technology choice for reducing SO x emissions. We find that regulatory uncertainty can increase not only project values but also owned capacity. From a regulatory perspective, an emissions cap reduces emissions more effectively whereas an emissions tax reduces the cost of regulation. The cap-and-trade market emerges in many respects as superior to an emissions tax. Finally, we show that setting the emissions cap level—or deciding on the level above which an emissions tax or emissions trade apply—is critical because reduction in total industry emissions are not necessarily continuous. 1.1\x Operations Research (DE-2867)15483-0 stw OR in maritime industry OR in environment and climate change Technology choice Regulatory uncertainty Maritime shipping Spinler, Stefan verfasserin aut Enthalten in European journal of operational research Amsterdam [u.a.] : Elsevier, 1977 284, Seite 383-396 Online-Ressource (DE-627)306713470 (DE-600)1501061-2 (DE-576)094058377 0377-2217 nnns volume:284 pages:383-396 GBV_USEFLAG_U SYSFLAG_U GBV_ELV GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_150 GBV_ILN_151 GBV_ILN_224 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2336 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4313 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4393 85.03 Methoden und Techniken der Betriebswirtschaft BIZ-10001 SKW AR 284 383-396
allfieldsGer	10.1016/j.ejor.2019.12.025 doi (DE-627)ELV003696170 (ELSEVIER)S0377-2217(19)31049-5 DE-627 ger DE-627 rda eng 85.03 bkl Haehl, Christian verfasserin aut Technology Choice under Emission Regulation Uncertainty in International Container Shipping 2019 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier We present a real options approach to evaluate technology and capacity choices under regulatory uncertainty. Our two-phase, regime-switching model includes the option of investing in different technologies as well as a charter and layup option, respectively. For a base-case version of this model, we derive an analytical solution before studying the effect of regulatory uncertainty in a numerical extension that relaxes certain restrictive assumptions. We then describe three regulatory regimes, an emissions cap, an emissions tax and a cap-and-trade market, and compare how effectively each reduces emissions. Applying the model to maritime container shipping, we develop insights on the optimal technology choice for reducing SO x emissions. We find that regulatory uncertainty can increase not only project values but also owned capacity. From a regulatory perspective, an emissions cap reduces emissions more effectively whereas an emissions tax reduces the cost of regulation. The cap-and-trade market emerges in many respects as superior to an emissions tax. Finally, we show that setting the emissions cap level—or deciding on the level above which an emissions tax or emissions trade apply—is critical because reduction in total industry emissions are not necessarily continuous. 1.1\x Operations Research (DE-2867)15483-0 stw OR in maritime industry OR in environment and climate change Technology choice Regulatory uncertainty Maritime shipping Spinler, Stefan verfasserin aut Enthalten in European journal of operational research Amsterdam [u.a.] : Elsevier, 1977 284, Seite 383-396 Online-Ressource (DE-627)306713470 (DE-600)1501061-2 (DE-576)094058377 0377-2217 nnns volume:284 pages:383-396 GBV_USEFLAG_U SYSFLAG_U GBV_ELV GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_150 GBV_ILN_151 GBV_ILN_224 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2336 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4313 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4393 85.03 Methoden und Techniken der Betriebswirtschaft BIZ-10001 SKW AR 284 383-396
allfieldsSound	10.1016/j.ejor.2019.12.025 doi (DE-627)ELV003696170 (ELSEVIER)S0377-2217(19)31049-5 DE-627 ger DE-627 rda eng 85.03 bkl Haehl, Christian verfasserin aut Technology Choice under Emission Regulation Uncertainty in International Container Shipping 2019 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier We present a real options approach to evaluate technology and capacity choices under regulatory uncertainty. Our two-phase, regime-switching model includes the option of investing in different technologies as well as a charter and layup option, respectively. For a base-case version of this model, we derive an analytical solution before studying the effect of regulatory uncertainty in a numerical extension that relaxes certain restrictive assumptions. We then describe three regulatory regimes, an emissions cap, an emissions tax and a cap-and-trade market, and compare how effectively each reduces emissions. Applying the model to maritime container shipping, we develop insights on the optimal technology choice for reducing SO x emissions. We find that regulatory uncertainty can increase not only project values but also owned capacity. From a regulatory perspective, an emissions cap reduces emissions more effectively whereas an emissions tax reduces the cost of regulation. The cap-and-trade market emerges in many respects as superior to an emissions tax. Finally, we show that setting the emissions cap level—or deciding on the level above which an emissions tax or emissions trade apply—is critical because reduction in total industry emissions are not necessarily continuous. 1.1\x Operations Research (DE-2867)15483-0 stw OR in maritime industry OR in environment and climate change Technology choice Regulatory uncertainty Maritime shipping Spinler, Stefan verfasserin aut Enthalten in European journal of operational research Amsterdam [u.a.] : Elsevier, 1977 284, Seite 383-396 Online-Ressource (DE-627)306713470 (DE-600)1501061-2 (DE-576)094058377 0377-2217 nnns volume:284 pages:383-396 GBV_USEFLAG_U SYSFLAG_U GBV_ELV GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_150 GBV_ILN_151 GBV_ILN_224 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2336 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4313 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4393 85.03 Methoden und Techniken der Betriebswirtschaft BIZ-10001 SKW AR 284 383-396
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author	Haehl, Christian
spellingShingle	Haehl, Christian bkl 85.03 stw Operations Research misc OR in maritime industry misc OR in environment and climate change misc Technology choice misc Regulatory uncertainty misc Maritime shipping Technology Choice under Emission Regulation Uncertainty in International Container Shipping
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topic_title	85.03 bkl Technology Choice under Emission Regulation Uncertainty in International Container Shipping 1.1\x Operations Research (DE-2867)15483-0 stw OR in maritime industry OR in environment and climate change Technology choice Regulatory uncertainty Maritime shipping
topic	bkl 85.03 stw Operations Research misc OR in maritime industry misc OR in environment and climate change misc Technology choice misc Regulatory uncertainty misc Maritime shipping
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title	Technology Choice under Emission Regulation Uncertainty in International Container Shipping
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title_full	Technology Choice under Emission Regulation Uncertainty in International Container Shipping
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title_sort	technology choice under emission regulation uncertainty in international container shipping
title_auth	Technology Choice under Emission Regulation Uncertainty in International Container Shipping
abstract	We present a real options approach to evaluate technology and capacity choices under regulatory uncertainty. Our two-phase, regime-switching model includes the option of investing in different technologies as well as a charter and layup option, respectively. For a base-case version of this model, we derive an analytical solution before studying the effect of regulatory uncertainty in a numerical extension that relaxes certain restrictive assumptions. We then describe three regulatory regimes, an emissions cap, an emissions tax and a cap-and-trade market, and compare how effectively each reduces emissions. Applying the model to maritime container shipping, we develop insights on the optimal technology choice for reducing SO x emissions. We find that regulatory uncertainty can increase not only project values but also owned capacity. From a regulatory perspective, an emissions cap reduces emissions more effectively whereas an emissions tax reduces the cost of regulation. The cap-and-trade market emerges in many respects as superior to an emissions tax. Finally, we show that setting the emissions cap level—or deciding on the level above which an emissions tax or emissions trade apply—is critical because reduction in total industry emissions are not necessarily continuous.
abstractGer	We present a real options approach to evaluate technology and capacity choices under regulatory uncertainty. Our two-phase, regime-switching model includes the option of investing in different technologies as well as a charter and layup option, respectively. For a base-case version of this model, we derive an analytical solution before studying the effect of regulatory uncertainty in a numerical extension that relaxes certain restrictive assumptions. We then describe three regulatory regimes, an emissions cap, an emissions tax and a cap-and-trade market, and compare how effectively each reduces emissions. Applying the model to maritime container shipping, we develop insights on the optimal technology choice for reducing SO x emissions. We find that regulatory uncertainty can increase not only project values but also owned capacity. From a regulatory perspective, an emissions cap reduces emissions more effectively whereas an emissions tax reduces the cost of regulation. The cap-and-trade market emerges in many respects as superior to an emissions tax. Finally, we show that setting the emissions cap level—or deciding on the level above which an emissions tax or emissions trade apply—is critical because reduction in total industry emissions are not necessarily continuous.
abstract_unstemmed	We present a real options approach to evaluate technology and capacity choices under regulatory uncertainty. Our two-phase, regime-switching model includes the option of investing in different technologies as well as a charter and layup option, respectively. For a base-case version of this model, we derive an analytical solution before studying the effect of regulatory uncertainty in a numerical extension that relaxes certain restrictive assumptions. We then describe three regulatory regimes, an emissions cap, an emissions tax and a cap-and-trade market, and compare how effectively each reduces emissions. Applying the model to maritime container shipping, we develop insights on the optimal technology choice for reducing SO x emissions. We find that regulatory uncertainty can increase not only project values but also owned capacity. From a regulatory perspective, an emissions cap reduces emissions more effectively whereas an emissions tax reduces the cost of regulation. The cap-and-trade market emerges in many respects as superior to an emissions tax. Finally, we show that setting the emissions cap level—or deciding on the level above which an emissions tax or emissions trade apply—is critical because reduction in total industry emissions are not necessarily continuous.
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title_short	Technology Choice under Emission Regulation Uncertainty in International Container Shipping
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up_date	2024-07-06T20:29:53.029Z
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fullrecord_marcxml	<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01000caa a22002652 4500</leader><controlfield tag="001">ELV003696170</controlfield><controlfield tag="003">DE-627</controlfield><controlfield tag="005">20230524154033.0</controlfield><controlfield tag="007">cr uuu---uuuuu</controlfield><controlfield tag="008">230501s2019 xx \|\|\|\|\|o 00\| \|\|eng c</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1016/j.ejor.2019.12.025</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627)ELV003696170</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ELSEVIER)S0377-2217(19)31049-5</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-627</subfield><subfield code="b">ger</subfield><subfield code="c">DE-627</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1=" " ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">85.03</subfield><subfield code="2">bkl</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Haehl, Christian</subfield><subfield code="e">verfasserin</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Technology Choice under Emission Regulation Uncertainty in International Container Shipping</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="c">2019</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">nicht spezifiziert</subfield><subfield code="b">zzz</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">Computermedien</subfield><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">Online-Ressource</subfield><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">We present a real options approach to evaluate technology and capacity choices under regulatory uncertainty. 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