Kings College London Ricardo G. Barcelona

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Stable returns under stochastic prices. In contrast, asymmetric covariance allows portfolios to benefit from a call or a put option, with losses avoided when options to supply are exercised subject to positive cash returns. In turn, Pigouvian taxes are dynamically set as floor prices with the objectives of (a) inducing early exercise of commitment by compensating future declines in capacity costs when learning effects operate; or (b) mitigating non-recovery of fixed costs when energy prices are low by enabling firms to switch from price-flexible to fixed price-volume (i.e. floor revenue) supplies. Paper Three introduces the influence of competitors' actions on feasible commitment outcomes under dynamic markets. Firms are said to act under a multiple-competitors setting under competitive systems, duopoly or monopoly. The inclusion of renewable energy tends to dampen power price expectations. Consequently, a passive strategy pursued by a fossil fuel firm while a competitor expands into renewable energy may erode, ceteris paribus, expected cash returns. This nullifies a zero value proposition that practice usually associates with "no action". Pigouvian taxes are evaluated as option premiums under dynamic markets subject to market structures, where greater competition is seen to reduce the level required for commitments to happen. The research outcomes question NPV's accepted norms that practitioners may have come to accept as "simple truths". "Cash is king" has come to be associated in practice with cash returns certainty. Unfortunately, NPV's vaunted certainty and its "infallibility" are proving illusory when life's vicissitudes undermine its predictability under dynamic markets. When the notion of an uncertain world is recognised, and adapting to changing circumstances is considered valuable, an enlightened view of uncertainty becomes feasible. Consequently, Richard Rumelt's prescription for sound strategy, informed by insights resulting from deep analysis,

Author : Ricardo G. Barcelona

Publisher : King's College London

Published : 2013

ISBN-10 :

ISBN-13 :

Number of Pages : 494 Pages

Language : en

Keyword :

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