확률적 할인율을 고려한 신재생 에너지 설비제품의 대체시기 결정
Optimal Replacement Timing of Renewable Energy Facility Appliances Using Stochastic Discount Rate
Purpose: In recent years, public organizations across the nation have been given the newly implemented policies related UNFCCC (the United Nations Framework Convention on Climate Change). For investment in renewable energy facility appliances, we have to take into consideration the optimal replacement timing made by the economic analysis. In this paper, we propose the decision method of optimal timing to replace of renewable energy facility appliances considering the relative operating inferiority and floating discount rate. Design/methodology/approach: We present the new model using the MAPI model with non-linear operating inferiority and stochastic discount rate with Monte-Carlo Simulation, and decide on the optimal timing to replace renewable energy facility appliances by the new model. Results/findings: If applying the non-linear operating inferiority, renewable energy facility appliances are used for the longer period. However, the deterministic discount rate and stochastic discount rate did not affect the timing to replace renewable energy facility appliances in the short-term. Research implications/limitations: The results show the optimal timing to replace which reflects the relative inferiority of renewable energy facility appliances. A further point needs to be made with regard to the rise in the price of energy. Future work/research: Concern about carbon tax will surface as a serious issue by lowering greenhouse gas. Further research should be directed at determining how we exchange carbon tax with operating inferiority. Originality/value: This article provides the optimal timing to replace renewable energy facility appliances considering sustainability.
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