@article {1477,
	title = {Evaluation of economically optimal retrofit investment options for energy savings in buildings},
	journal = {Energy and Buildings},
	volume = {49},
	year = {2012},
	pages = {327-334},
	abstract = {<p>In this study, a techno-economic evaluation method for the energy retrofit of buildings is introduced, geared toward finding the economically optimal set of retrofit measures. Split incentives of building owners and users are considered explicitly in a conventional (static) evaluation to identify the investment alternatives maximizing the net present value (NPV). Energy price uncertainty for various distributional assumptions of the stochastic variables is addressed through Monte Carlo simulation. Results from the simulation are used to compute probabilities and expected NPVs. Based on this, a sequential (dynamic) evaluation method is developed, featuring a real options investment appraisal. The real options approach is introduced as an advancement in the practice of economic evaluation of building retrofit investment options. The new method is applied to an office building in Germany, illustrating its performance. The case study results indicate that energy price changes significantly affect the profitability of retrofit investments, and that high price volatility creates a substantial value of waiting, making it more rational to postpone the investment.</p>},
	keywords = {Building energy efficiency, Energy conservation, Net present value, Real options},
	issn = {0378-7788},
	doi = {https://doi.org/10.1016/j.enbuild.2012.02.022},
	url = {https://www.sciencedirect.com/science/article/pii/S0378778812000990},
	author = {G{\"u}rkan Kumbaro{\u g}lu and Reinhard Madlener}
}
@article {1484,
	title = {Energy and Climate Policy Analysis with the Hybrid Bottom Up Computable General Equilibrium Model SCREEN The Case of the Swiss CO2 Act},
	journal = {Annals of Operations Research},
	volume = {121},
	year = {2003},
	month = {Jul},
	pages = {181{\textendash}203},
	author = {G{\"u}rkan Kumbaro{\u g}lu and Madlener, Reinhard}
}
@article {1483,
	title = {Environmental Taxation and Economic Effects A Computable General Equilibrium Analysis for Turkey},
	journal = {Journal of Policy Modeling},
	volume = {25},
	year = {2003},
	month = {Nov},
	pages = {795{\textendash}810},
	author = {G{\"u}rkan Kumbaro{\u g}lu}
}
@article {1485,
	title = {Endogenising emission taxes: A general equilibrium type optimisation model applied for Turkey},
	journal = {Energy Policy},
	volume = {29},
	year = {2001},
	pages = {1045-1056},
	abstract = {<p>This paper presents a modelling attempt to endogenise the level and timing of environmental taxes within an optimisation framework. First, a base model of energy{\textendash}economy{\textendash}environmental interactions is extended to allow for exogenous tax analysis. Two types of environmental taxes, one on the sulphur content of fuels and the other on the level of emissions, are exogenously included in the model as alternative instruments to mitigate pollution. Next, the base model is modified to endogenise pollution abatement. This has been achieved by incorporating a preference rate, depending on an index of emissions, into the utility function. Finally, the emission index and emission tax are taken as substitutes and modelled within a CES form to endogenise the emission tax. Results for all cases, obtained with Turkish data, are discussed. It is found that a tax on SO2 emissions is more effective in reducing SO2 emissions than a tax applied on the sulphur content of fuels. It is also found that a gradually increasing tax is more effective in reducing emissions than a constant tax.</p>},
	keywords = {Emission taxation, Endogenous pollution abatement, Energy{\textendash}economy modelling},
	issn = {0301-4215},
	doi = {https://doi.org/10.1016/S0301-4215(01)00032-5},
	url = {https://www.sciencedirect.com/science/article/pii/S0301421501000325},
	author = {Y{\i}ld{\i}z Ar{\i}kan and G{\"u}rkan Kumbaro{\u g}lu}
}
