Modeling decision making as a support tool for policy making on renewable energy development |
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| Affiliation: | 1. Department of Industrial Engineering, University of Catania, Viale Andrea Doria 6, 95125 Catania, Italy;2. Ingenio (CSIC-UPV), Universitat Politècnica de Valencia, Camino de Vera s/n, 46022 Valencia, Spain;3. Department of Engineering Projects, Universitat Politècnica de Valencia, Camino de Vera s/n, 46022 Valencia, Spain;1. University of Jyvaskyla, School of Business and Economics, P.O. Box 35, FI-40014, Finland;2. Natural Resources Institute Finland (Luke), Latokartanonkaari 9, FI-00790 Helsinki, Finland;1. Department of Industrial & Systems Engineering, Khalifa University, Abu Dhabi, UAE;2. Department of Management, Ca’ Foscari University of Venice, Venice, Italy;3. Department of Economics, Management and Quantitative Methods, University of Milan, Milan, Italy;4. Department of Applied Mathematics and Sciences, Khalifa University, Abu Dhabi, UAE;1. School of Public Health and Community Medicine, University of New South Wales, Sydney, Australia;2. College of Community Solutions and Public Affairs, Arizona State University, USA;1. University of Debrecen, Centre for Agricultural and Applied Economic Sciences, Faculty of Applied Economics and Rural Development, Institute of Economic Theory, Department of General and Environmental Economics, 4032 Debrecen, Böszörményi út 138, Hungary;2. University of Debrecen, Centre for Agricultural and Applied Economic Sciences, Faculty of Applied Economics and Rural Development, Institute of Economic Analytical Methodology and Applied Informatics, Department of Economic Analytical Methodology and Statistics, 4032 Debrecen, Böszörményi út 138, Hungary;1. EBS Business School, Strascheg Institute for Innovation and Entrepreneurship (SIIE), Rheingaustr. 1, 65375 Oestrich-Winkel, Germany;2. Sustainable Business Institute (SBI), Zehnthofstr. 1, 65375 Oestrich-Winkel, Germany;3. Emile Bernheim Chair of Entrepreneurship in a Global Context, Solvay Brussels School of Economics and Management, Université libre de Bruxelles, Avenue F.D. Roosevelt 42, B-1050 Brussels, Belgium |
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| Abstract: | This paper presents the findings of a study on decision making models for the analysis of capital-risk investors’ preferences on biomass power plants projects. The aim of the work is to improve the support tools for policy makers in the field of renewable energy development.Analytic Network Process (ANP) helps to better understand capital-risk investors preferences towards different kinds of biomass fueled power plants. The results of the research allow public administration to better foresee the investors’ reaction to the incentive system, or to modify the incentive system to better drive investors’ decisions.Changing the incentive system is seen as major risk by investors. Therefore, public administration must design better and longer-term incentive systems, forecasting market reactions. For that, two scenarios have been designed, one showing a typical decision making process and another proposing an improved decision making scenario.A case study conducted in Italy has revealed that ANP allows understanding how capital-risk investors interpret the situation and make decisions when investing on biomass power plants; the differences between the interests of public administrations’s and promoters’, how decision making could be influenced by adding new decision criteria, and which case would be ranked best according to the decision models. |
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| Keywords: | Analytic Network Process Biomass power projects Capital risk |
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