List of Publication

List of Publication

Scientific publications



  1. Brøndbo, H. K., Storebø, A., Boomsma, Fleten, S. E., & Boomsma T. K. (2017). Electricity capacity expansion in a Cournot duopoly. International Conference on the European Energy Market.
  2. Hustveit, M., Frogner, J. S., & Fleten, S. E. (2017). Tradable green certificates for renewable support: The role of expectations and uncertaintyEnergy141, 1717-1727.
  3. Ødegård, H. L., Eidsvik, J., & Fleten, S. E. (2017). Value of information analysis of snow measurements for the scheduling of hydropower productionEnergy Systems, 1-19


  1. Dalby, P.A.O., Gillerhaugen, G.R., Hagspiel, V., Leth-Olsen T., & Thijssen J. J. J. (2018). Green Investment under Policy Uncertainty and Bayesian LearningEnergy, Volume 161, 1262-1281.
  2. Finjord, F., Hagspiel V., Lavrutich, M., & Tangen, M. (2018). The impact of the Norwegian-Swedish green certificate scheme on the investment behavior: A wind energy case studyEnergy Policy, Volume 123 373-389.
  3. Fleten, S. E., Ingebrigtsen, K., Kaldahl, J., & Ullrich, C. J. (2018). Sequential Investment in Gas-Fired Power Plants. In Transforming Energy Markets, 41st IAEE International Conference, Jun 10-13, 2018. International Association for Energy Economics.
  4. Guerra, M., Kort, P., Nunes, C., & Oliveira, C. (2018). Hysteresis due to irreversible exit: Addressing the option to mothballJournal of Economic Dynamics and Control92, 69-83.
  5. Støre, K., Fleten, S.-E., Hagspiel, V., & Nunes, C. (2018). Switching from Oil to Gas production in a Depleting FieldEuropean Journal of Operational ResearchVolume 271, Issue 2, 710-719.


  1. Bigerna, S., Wen, X., Hagspiel, V., & Kort, P. M. (2019). Green electricity investments: Environmental target and the optimal subsidyEuropean Journal of Operational Research279(2), 635-644.
  2. Fleten, S. E., Fram, B. P., Ledsaak, M., Mehl, S., Røssum, O., & Ullrich, C. J. (2019). The Effect Of Capacity Payments On Peaking Generator Availability In PJM. IAEE International Conference proceedings.
  3. Fleten, S. E., Haugom, E., Pichler, A., & Ullrich, C. J. (2019). Observed switches and derived profitability indicators for peaking power plants: Northeast US 2001–2009Data in brief25.
  4. Kozlova, M., Fleten, S. E., & Hagspiel, V. (2019). Investment timing and capacity choice under rate-of-return regulation for renewable energy supportEnergy174, 591-601.


  1. Barbosa, L., Nunes, C., Rodrigues, A., Sardinha, A., (2020). Feed-in tariff contract schemes and regulatory uncertainty. Innovative Applications of O.R., 287 (1), 331-347.
  2. Brøndbo, H. K., Storebø, A., Boomsma, T. K., Skar, C., & Fleten, S. E. (2020). A real options approach to generation capacity expansion in imperfectly competitive power marketsEnergy Systems11(3), 515-550.
  3. Fleten, S. E., Haugom, E., Pichler, A., & Ullrich, C. J. (2020). Structural estimation of switching costs for peaking power plants. European Journal of Operational Research, 285(1), 23-33.
  4. Gapeev, P. V., Kort, P. M., & Lavrutich, M. (2020). Discounted optimal stopping problems for maxima of geometric Brownian motions with switching payoffsAdvances in Applied Probability.
  5. Hagspiel, V., Nunes, C., Oliveira, C., & Portela, M. (2020). Green investment under time-dependent subsidy retraction riskJournal of Economic Dynamics and Control, 103936.
  6. Kozlova, M., Fleten, S. E., & Hagspiel, V. (2020). Optimal timing and capacity choice under the rate-of-return renewable energy supportMethodsX.
  7. Sendstad, L. H., & Chronopoulos, M. (2020). Sequential investment in renewable energy technologies under policy uncertaintyEnergy Policy137, 111152.
  8. Sendstad, L. H., & Chronopoulos, M. (2020). Strategic technology switching under risk aversion and uncertaintyJournal of Economic Dynamics and Control, 103918.
  9. Trivella, A., Nadarajah, S., Fleten, S. E., Mazieres, D., & Pisinger, D. (2020). Managing shutdown decisions in merchant commodity and energy production: A social commerce perspectiveManufacturing & Service Operations Management.


  1. Ifwarsson, E. J. V., Kleiven, L. E., Sendstad, L. H., & Hagspiel, V. (2021). Policy uncertainty in Scandinavian countries, Economics Letters, 209.
  2. Nagy, R. L. G., Hagspiel, V. & Kort, P. M. (2021). Green capacity investment under subsidy withdrawal risk. Energy Economics, 98.
  3. Sendstad, L. H., & Chronopoulos, M., Hagspiel, V. (2021). Optimal Risk Adoption and Capacity Investment in Technological InnovationsIEEE Transactions on Engineering Management.
  4. De Weerdt, L., Compernolle, T., Hagspiel, V., Kort, P., & Oliveira, C. (2021). Stepwise Investment in Circular Plastics Under the Presence of Policy Uncertainty. Environmental and Resource Economics, 1-31.


  1. Lavrutich, L., Hagspiel, V. & Siddiqui, S. A. (2022). Transmission Investment under Uncertainty: Reconciling Private and Public Incentives. European Journal of Operations Research, (In Press).
  2. Sendstad, L. H., Hagspiel, V., Mikkelsen, W. J., Ravndal, R., & Tveitstøl, M. (2022). The impact of subsidy retraction on European renewable energy investments, Energy Policy, 160.
  3. Sund, S., Sendstad, L. H. & Thijssen, J. J. J. (2022). Kalman filter approach to real options with active learning. Computational Management Science, 1-34.
  4. Thijssen, J.J.J. (2022). Optimal investment and abandonment decisions for projects with construction uncertainty, European Journal of Operational Research, Volume 298.

Working papers

  • Hagspiel, V, R.L.G. Nagy, J.J.J Thijssen (2021). Investment under a disruptive risk with costly Bayesian learning: The optimal choice of the learning rate. Working paper

Popular press