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Review Article
Real Option Analysis for Renewable Energy: A Systematic Review
Jethro Olorunfemi Idowu*,
Ini Adinya
Issue:
Volume 12, Issue 1, March 2026
Pages:
1-27
Received:
5 November 2025
Accepted:
17 November 2025
Published:
15 January 2026
Abstract: Renewable energy projects suffer from deep uncertainties associated with volatile market conditions, unstable policy regimes and changing technological landscapes. Traditional valuation tools like Net Present Value (NPV) are increasingly being accepted as insufficient to capture the managerial flexibility needed to deal with this complex environment. As a result, a powerful alternative investment framework, Real Options Analysis (ROA), has been proposed, in which the possibility of strategic adaptability under uncertainty is valued explicitly for renewable energy investment. This paper reports a systematic review between 2000-2025 of research works on ROA application in the renewable energy sector. Using the Preferred Reporting Items for Systematic Reviews and Meta-Analysis (PRISMA) framework, 288 peer-reviewed studies were identified from twelve major academic databases (Scopus, IEEE Xplore, and Wiley Online Library). Each study was reviewed in terms of key dimensions: renewable technology type, real option category, modelling technique, dominant sources of uncertainty and geographical focus. The results show the dominance of the decision to defer (timing option) as the most important strategic flexibility for all technologies, emphasising the key problem of optimal investment timing. Methodologically, the field has transitioned from basic analytical models to complex simulation-based models, with binomial lattices and Monte Carlo models dominating the scene, followed by a significant move to hybrid, fuzzy, and AI-enhanced models after 2015. The analysis also reveals clear regional patterns in the types of uncertainties modelled with European studies focusing on market and policy risks, Asian studies on resource availability and work in the Americas taking into account technical risks. However, a serious underrepresentation in Africa, especially in Nigeria, is also revealed, which constitutes a major gap in the research. This review concludes that while the methodological foundations of ROA are well established, its practical application remains limited, particularly outside developed countries. Expanding the use of ROA could better support the global energy transition, but achieving this requires addressing barriers such as computational complexity, limited modeling expertise, and regulatory reliance on deterministic valuation methods. Greater integration of these flexible decision-making tools into policy design and project appraisal, especially in high-risk and underrepresented regions, is therefore necessary.
Abstract: Renewable energy projects suffer from deep uncertainties associated with volatile market conditions, unstable policy regimes and changing technological landscapes. Traditional valuation tools like Net Present Value (NPV) are increasingly being accepted as insufficient to capture the managerial flexibility needed to deal with this complex environmen...
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Research Article
Derivations on Some Algebras of Measurable Operators Affiliated with Real W*-algebras of Type I
Abdugafur Rakhimov*,
Ulugbek Karimov
Issue:
Volume 12, Issue 1, March 2026
Pages:
28-33
Received:
12 December 2025
Accepted:
12 January 2026
Published:
27 January 2026
Abstract: It is well known that every derivation on a von Neumann algebra is inner, which reflects the strong rigidity of these algebras. In contrast, for general C*-algebras there may exist non-inner derivations, indicating a more complicated and diverse algebraic structure. This fundamental difference has stimulated extensive research on derivations on various classes of operator algebras. In recent years, increasing attention has been paid to derivations defined on algebras of unbounded operators, in particular on algebras of measurable, locally measurable, and τ-measurable operators associated with von Neumann algebras. Such algebras arise naturally within the framework of noncommutative integration theory and provide a rich setting for extending classical results from the theory of bounded operators. In particular, a complete description of derivations on these algebras has been established in a number of works when they are associated with type I von Neumann algebras, demonstrating that under appropriate assumptions the derivations possess strong regularity properties and admit explicit representations. The present article is devoted to the development of a real analogue of the results described above. More precisely, derivations on algebras of measurable, locally measurable, and τ-measurable operators associated with real type I von Neumann algebras are investigated. By carefully adapting the methods from the complex case and taking into account the specific algebraic and topological features of real operator algebras, a complete characterization of all derivations on the algebras under consideration is obtained. These results generalize known theorems for complex von Neumann algebras to the real setting and contribute to a deeper understanding of derivations on algebras of unbounded operators associated with real operator algebras.
Abstract: It is well known that every derivation on a von Neumann algebra is inner, which reflects the strong rigidity of these algebras. In contrast, for general C*-algebras there may exist non-inner derivations, indicating a more complicated and diverse algebraic structure. This fundamental difference has stimulated extensive research on derivations on var...
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Research Article
The Electric Field and the Size of the Thermal Photons
Issue:
Volume 12, Issue 1, March 2026
Pages:
34-37
Received:
4 December 2025
Accepted:
12 December 2025
Published:
2 February 2026
Abstract: The size and shape of photons are still unknown. Due to their dual wave–particle quantum nature and recent discoveries related to entanglement, photons continue to surprise the scientific community. The ability to generate single pure photons opens up many potential applications, particularly in information technology. On the other hand, thermal photons are encountered in everyday life. Environmental effects, material reliability, and aging under high temperature are all areas where thermal photons play an important role. Engineers must understand better the effects of these photons. By applying Einstein’s law relating photon energy to frequency, using Maxwell’s classical electromagnetic laws and the Poynting theorem concerning electric fields, it becomes possible to link the wave and particle aspects of photons. These relations suggest that a photon's volume (considered as semi-classical volume) is proportional to the cube of its wavelength. By combining Planck’s law, the Poynting power law, and Bose–Einstein statistics, one can estimate both the volume and electric field of thermal photons as functions of frequency. These values can then be correlated with the physical effects photons have on matter.
Abstract: The size and shape of photons are still unknown. Due to their dual wave–particle quantum nature and recent discoveries related to entanglement, photons continue to surprise the scientific community. The ability to generate single pure photons opens up many potential applications, particularly in information technology. On the other hand, thermal ph...
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Research Article
Stably Properly Infinite and Purely Infinite Real C*-algebras
Kim Dmitriy*
Issue:
Volume 12, Issue 1, March 2026
Pages:
38-43
Received:
13 February 2026
Accepted:
24 February 2026
Published:
12 March 2026
Abstract: This paper considers real C*- and AW*-algebras with quasitrace and explores their connection with the concept of stable finiteness, stable proper infiniteness and pure infiniteness. A review of existing results for complex algebras and their real analogues is presented, including the role of quasitrace in concept of finiteness and infiniteness. It is proved that a real C*-algebra is stably properly infinite if and only if its complexification has the same property. The concept of quasitrace allows us to classify C*-algebras as finite or infinite. If the quasitrace is trivial, such an algebra is called traceless or stably properly infinite. There are known results such as a connection between traceless and weakly purely infinite complex C*-algebras and equivalence of all definitions of pure infiniteness under condition of real rank zero, so a natural question arises: how are traceless C*-algebras related to infinite ones in the real case and if all definitions of pure infiniteness under condition of real rank zero coincide in real case? In this paper, we obtain the following results: a real analogue of the Cuntz-Blackadar-Handelman theorem, build the connection between weakly purely infinite and traceless real C*-algebras through their enveloping complex C*-algebras, and we give Stacey's theorem without the assumption simplicity through the class of stably properly infinite (traceless) real C*-algebras. It would be reasonable to consider AW*-algebras, since we consider real rank zero C*-algebras as the class AW*-algebras lies in the class of real rank zero C*-algebras.
Abstract: This paper considers real C*- and AW*-algebras with quasitrace and explores their connection with the concept of stable finiteness, stable proper infiniteness and pure infiniteness. A review of existing results for complex algebras and their real analogues is presented, including the role of quasitrace in concept of finiteness and infiniteness. It ...
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Review Article
Stability Analysis, Dispersion Relation and Pattern Formation of Damaged Cells on Biological Tissues in the Body of Living Organisms
Christiana Nkuturum*,
Tombari Stephen Ban,
Aimuamwosa Julia Egharevba,
Lauretta Emugha George
Issue:
Volume 12, Issue 1, March 2026
Pages:
44-54
Received:
13 February 2026
Accepted:
24 February 2026
Published:
14 March 2026
DOI:
10.11648/j.ijamtp.20261201.15
Downloads:
Views:
Abstract: This study is geared towards investigating stability analysis, dispersion relation and pattern formation potential of damage in the body of living organisms using 3-coupled nonlinear system of partial differential equations (PDEs). Obviously, this study proved that there are possibilities of asymptomatic stage of the damage with the first equilibrium point and the second is symptomatic stage of damaged cells at equilibrium which is usually and physically experienced in diabetic patients. The second equilibrium point predicts initiation of damaged cells, progression or inhibitions for healing. The stability analysis revealed steady state solutions with the exudation surface activated by the stress, temperature and viscous terms causing increased growth rate of damaged cells in the body of the organism. The solutions of dispersion relations is an archetype of spatial heterogeneous and homogeneous solutions of the linear biological systems with unbalanced and exponential growth term linearly (linear growth rate of damaged cells and its wave vector k) with respect to time. The study identified that the quadratic nature of Ψ(k2) would lead the system to bounded finite amplitude. The study explored into complex dispersion relations and ascertained some special cases where one or more parameters affected damaged cells mechanically at equilibrium with bifurcation surface between spatial homogeneity and heterogeneity. Here, the bifurcation parameter τ increases monotonically beyond the critical value and renders B(k2) zero and the uniform steady state bifurcates to a spatial unstable state. This study showed pattern formation potentials are quadratic and bounded domain of the injured cells, spatial pattern of random and viscous initial damaged cell densities and patterning process of no uniform damaged cell density due cell traction is bigger than the critical value of cell traction which is the resistance of the extracellular matrix and spatial non-homogeneities activates which grows out of bounded region for some k. The study used partial Differential equation and determinant methods to proffer the solutions. Among others, this study recommends that the affected individuals should explore the use of antioxidants as to combat with the out growing inbuilt stress called oxidative stress which is activator of damaged cells densities in the body of the organisms.
Abstract: This study is geared towards investigating stability analysis, dispersion relation and pattern formation potential of damage in the body of living organisms using 3-coupled nonlinear system of partial differential equations (PDEs). Obviously, this study proved that there are possibilities of asymptomatic stage of the damage with the first equilibri...
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