Thailand possesses high potential for solar energy, which has been given more attention from both government and the private sector lately. While the major investment in solar energy has gradually shifted from governments to private sectors, this paper aims to compare private investment's net present value (NPV) and production risks of grid-connected photovoltaic (PV) projects. The scope of this paper includes PV projects on three different scales: 3 kW, 5 MW and 73 MW installed capacity in 74 locations across Thailand. The study utilizes RETscreen software to estimate means and variability in electricity productions in Thailand. Cost-benefit analysis is the method used to measure projects’ NPV and profitability, while portfolio theory is applied to capture the profit variability or production risk. The analysis also includes 3 feed-in-tariff (FIT or adder) scenarios that are likely to happen in the solar energy policy in Thailand; which are 8 baht/kWh, 6.5 baht/kWh and the case where there is no support at all. The study finds that 3 kW PV projects yield negative NPV, which means investment losses, in all scenarios and locations in the country. On the other hand, 5 MW PV projects result in positive NPV in all scenarios and locations and it is concluded to be the most profitable scale among three. 73 MW PV projects are considered as policy dependenceas the projectsyield negative NPV without the supports. Sensitivity analysis shows that the costs of 3 kW projects have to reduce at least by 60% in order to turn the projects to profits. With respect to allocation of risk, the production risks of 73 MW projects are slightly higher compared to the other two scales. Also, it is shown that the technologies located in north of Thailand have higher production risks, but yield approximately the same expected net benefits as technologies located in the rest of the country. As for conclusions, the future of PV technology in Thailand is still bright, but the investors should intensely consider about scale and location of the implementation. Further researches can examine other scales of PV technology and the drives behind the risk characteristics in Thailand.

The main objective of this thesis is to develop a martingale-type solution to optimal consumption--investment choice problems ([Merton, 1969] and [Merton, 1971]) under time-varying incomplete preferences driven by externalities such as patience, socialization effects, and market volatility. The market is composed of multiple risky assets and multiple consumption goods, while in addition there are multiple fluctuating preference parameters with inexact values connected to imprecise tastes. Utility maximization becomes a multi-criteria problem with possibly function-valued criteria. To come up with a complete characterization of the solutions, first we motivate and introduce a set-valued stochastic process for the dynamics of multi-utility indices and formulate the optimization problem in a topological vector space. Then, we modify a classical scalarization method allowing for infiniteness and randomness in dimensions and prove results of equivalence to the original problem. Illustrative examples are given to demonstrate practical interests and method applicability progressively. The link between the original problem and a dual problem is also discussed, relatively briefly. Finally, by using Malliavin calculus with stochastic geometry, we find optimal investment policies to be generally set-valued, each of whose selectors admits a four-way decomposition involving an additional indecisiveness risk-hedging portfolio. Our results touch on new directions for optimal consumption--investment choices in the presence of incomparability and time inconsistency, also signaling potentially testable assumptions on the variability of asset prices. Simulation techniques for set-valued processes are studied for how solved optimal policies can be computed in practice. / 2025-05-12T00:00:00Z

Huruvida män och kvinnors attityd skiljer sig åt när det kommer till risk är ett ämne som det bedrivits mycket forskning kring. Dock var det först med de indivuella premiepen-sionsvalen som det för första gången kunde undersökas från ett rättvisande urval, eftersom hela befolkningen valde och gjorde så under samma period samt med samma bakgrunds information. Med implementeringen av detta nya system kom alltså en möjlighet för varje individ att själv påverka sin pension genom de indivudella valen. Informationen som varje individ erhöll innan valen innehöll risken associerad med varje fond samt fondens ursprung, dessa två variabler testas i uppsatsens empiriska analys. Följaktligen är syftet med denna uppsats att undersöka ifall kvinnor är mindre riskbenägna än män med premiepensionsvalen som analys. Resultaten visar att det inte finns några statistiska bevis som indikerar att kvinnor är mindre riskbenägna än män när det kommer till pensionsplaceringsbeslut. Dock har fondens ursprung en större inverkan på kvinnor än den har på män. Eftersom kvinnor visar en tendens att vara mer benägna att investera i Svenska fonder. Detta kan dock påverkas av faktorer som t.ex. vilken sektor man är anställd i. De erhållna resultaten gör att jag kan instämma med tidigare forskning som hävdar att det inte finns bevis som indikerar att kvinnor är mindre riskbe-nägna än män. / The subject of men and womens attitude difference towards risk has been thoroughly dis-cussed in previous research. However, with the individual allocation choices came an op-portunity to study this subject and to draw conclusions from a fair and representative sample for the first time. The reason is that the entire population choose and did so at ap-proximately the same time, and were given access to the same information prior to choos-ing. With this new system came therefore the opportunity for each individual to invest a portion of their pension. The information, distributed to each individual prior to choosing, contained the risk index and also the origin of the fund and these variables are tested in the empirical analysis in the thesis. Hence, the purpose of this thesis is to investigate whether women are more risk averse than men, using the individual allocation choice as analysis. The results indicated no difference between men and women indicating that there is no statistical evidence that women are more risk averse than men when it comes to individual financial decisions. However the origin of the fund has a larger impact on women in the sense that they have a tendency to be more home biased than men. However, the home biasedness seems to be a variable highly affected by e.g. place of employment. With the obtained result I can concur with previous researches that claim that women are not more risk averse than men.

<p>Huruvida män och kvinnors attityd skiljer sig åt när det kommer till risk är ett ämne som det bedrivits mycket forskning kring. Dock var det först med de indivuella premiepen-sionsvalen som det för första gången kunde undersökas från ett rättvisande urval, eftersom hela befolkningen valde och gjorde så under samma period samt med samma bakgrunds information. Med implementeringen av detta nya system kom alltså en möjlighet för varje individ att själv påverka sin pension genom de indivudella valen. Informationen som varje individ erhöll innan valen innehöll risken associerad med varje fond samt fondens ursprung, dessa två variabler testas i uppsatsens empiriska analys. Följaktligen är syftet med denna uppsats att undersöka ifall kvinnor är mindre riskbenägna än män med premiepensionsvalen som analys. Resultaten visar att det inte finns några statistiska bevis som indikerar att kvinnor är mindre riskbenägna än män när det kommer till pensionsplaceringsbeslut. Dock har fondens ursprung en större inverkan på kvinnor än den har på män. Eftersom kvinnor visar en tendens att vara mer benägna att investera i Svenska fonder. Detta kan dock påverkas av faktorer som t.ex. vilken sektor man är anställd i. De erhållna resultaten gör att jag kan instämma med tidigare forskning som hävdar att det inte finns bevis som indikerar att kvinnor är mindre riskbe-nägna än män.</p> / <p>The subject of men and womens attitude difference towards risk has been thoroughly dis-cussed in previous research. However, with the individual allocation choices came an op-portunity to study this subject and to draw conclusions from a fair and representative sample for the first time. The reason is that the entire population choose and did so at ap-proximately the same time, and were given access to the same information prior to choos-ing. With this new system came therefore the opportunity for each individual to invest a portion of their pension. The information, distributed to each individual prior to choosing, contained the risk index and also the origin of the fund and these variables are tested in the empirical analysis in the thesis. Hence, the purpose of this thesis is to investigate whether women are more risk averse than men, using the individual allocation choice as analysis. The results indicated no difference between men and women indicating that there is no statistical evidence that women are more risk averse than men when it comes to individual financial decisions. However the origin of the fund has a larger impact on women in the sense that they have a tendency to be more home biased than men. However, the home biasedness seems to be a variable highly affected by e.g. place of employment. With the obtained result I can concur with previous researches that claim that women are not more risk averse than men.</p>