실물옵션을 이용한 바이오 가스플랜트 경제성 분석 - 가락농수산물종합도매시장을 중심으로 -

Abstract

The study aims to analyze economic of biogas plant in transition of recognition that waste resources has become renewable energy. The traditional investment valuation method using the NPV or IRR has a limitation in a sense that uncertainty of the future is not reflected. Hence, the purpose of this paper is to assess the value of the business by taking advantage of the real option. Biogas plant simulation is applied to the case of Garak Market using the binomial options among a variety of real options. With this analysis, it is assessed that operational expand option is the largest of the value of the binomial options.