. . . . . "RIV/61989100:27510/05:00011816!RIV06-GA0-27510___" . . "Tradable emission allowances and their impact on firms in energy sector (real option approach)"@en . . . "1"^^ . "[6305101E1940]" . "Emisn\u00ED obchodovateln\u00E9 pouk\u00E1zky a jejich dopad na firmy v energetick\u00E9m sektoru (p\u0159\u00EDstup na b\u00E1zi re\u00E1ln\u00FDch opc\u00ED)"@cs . . "12" . "547007" . . "1"^^ . "Tradable emission allowances and their impact on firms in energy sector (real option approach)"@en . "1" . "P(GA402/04/1357)" . . "33-41" . . "9"^^ . "CZ - \u010Cesk\u00E1 republika" . . "Tradable emission allowances have proven to be an efficient tool for reducing so called greenhouse gases, which pay the most important role in increasing global temperatures. The advantage of this market-based tool is, that ensures cost efficiency of the main goal of this system. Firms are free, how to reach the target emission level defined by the national allocations plan, i.e. if to buy allowances from other system participants or investing in a new technology reducing the amount of emissions released. The main factors affecting the decision are actual emission allowance price and investment costs.This paper is focused on the investment problem, which leads to the polluting decrease. Investment decision under emission trade system is now more complicated and for that reason new investment policy decision tools and techniques must be employed. In the first part, fundamentals of emission trade system and its impact on financial decision-making is described, in the second part, an illustrative example" . . . . "27510" . "Tradable emission allowances have proven to be an efficient tool for reducing so called greenhouse gases, which pay the most important role in increasing global temperatures. The advantage of this market-based tool is, that ensures cost efficiency of the main goal of this system. Firms are free, how to reach the target emission level defined by the national allocations plan, i.e. if to buy allowances from other system participants or investing in a new technology reducing the amount of emissions released. The main factors affecting the decision are actual emission allowance price and investment costs.This paper is focused on the investment problem, which leads to the polluting decrease. Investment decision under emission trade system is now more complicated and for that reason new investment policy decision tools and techniques must be employed. In the first part, fundamentals of emission trade system and its impact on financial decision-making is described, in the second part, an illustrative example"@en . "ECON\u00B405" . "Real option; option to defer; emission allowance; underlying asset; replication strategy; risk-neutral probability; decision function."@en . "Obchodovateln\u00E9 emisn\u00ED povolenky se uk\u00E1zaly b\u00FDt efektivn\u00EDm n\u00E1strojem pro redukcisklen\u00EDkov\u00FDch plyn\u016F. Kter\u00E9 hraj\u00ED v\u00FDznamnou roli p\u0159i glob\u00E1ln\u00EDm oteplov\u00E1n\u00ED.V\u00FDhodou tohoto tr\u017En\u00EDho n\u00E1stroje je n\u00E1kladov\u00E1 efektivnost tohoto syst\u00E9mu. Firmymaj\u00ED volnost v rozhodov\u00E1n\u00ED, jak dos\u00E1hnout c\u00EDlov\u00E9 emisn\u00ED \u00FArovn\u011B definovan\u00E9 vn\u00E1rodn\u00EDm aloka\u010Dn\u00EDm pl\u00E1nu, tj. zda koupit povolenky od jin\u00E9ho \u00FA\u010Dastn\u00EDka vsyst\u00E9mu nebo investovat do nov\u00E9 technologie vedouc\u00ED ke sn\u00ED\u017Een\u00ED vypou\u0161t\u011Bn\u00FDchemis\u00ED. Hlavn\u00EDmi faktory ovliv\u0148uj\u00EDc\u00ED rozhodov\u00E1n\u00ED jsou cena povolenek ainvesti\u010Dn\u00ED n\u00E1klady t\u011Bchto technologi\u00ED.T\u00E9to p\u0159\u00EDsp\u011Bvek je zam\u011B\u0159en na \u0159e\u0161en\u00ED investi\u010Dn\u00EDho probl\u00E9mu, vedouc\u00EDho k sn\u00ED\u017Een\u00EDzne\u010Di\u0161t\u011Bn\u00ED. Investi\u010Dn\u00ED rozhodov\u00E1n\u00ED p\u0159i existenci syst\u00E9mu emisn\u00EDch pouk\u00E1zek jenyn\u00ED slo\u017Eit\u011Bj\u0161\u00ED a proto je nutno vyu\u017E\u00EDvat nov\u00E9 n\u00E1stroje a postupy. V prvn\u00ED\u010D\u00E1sti jsou pops\u00E1ny z\u00E1klady fungov\u00E1n\u00ED syst\u00E9mu obchodov\u00E1n\u00ED s pouk\u00E1zkami a jejichdopad na investi\u010Dn\u00ED rozhodov\u00E1n\u00ED, v druh\u00E9 \u010D\u00E1sti je prezentov\u00E1n ilustra\u010Dn\u00EDp\u0159\u00EDklad \u0159e\u0161en\u00ED probl\u00E9mu na b\u00E1zi metodologie re\u00E1ln\u00FDch opc\u00ED."@cs . "0862-7908" . . . "\u010Cul\u00EDk, Miroslav" . "Tradable emission allowances and their impact on firms in energy sector (real option approach)" . "RIV/61989100:27510/05:00011816" . . "Emisn\u00ED obchodovateln\u00E9 pouk\u00E1zky a jejich dopad na firmy v energetick\u00E9m sektoru (p\u0159\u00EDstup na b\u00E1zi re\u00E1ln\u00FDch opc\u00ED)"@cs . "Tradable emission allowances and their impact on firms in energy sector (real option approach)" .