For students

I supervise project and master theses, and I am also looking for potential PhD students. The theses can shaped with varying difficulty and degree of theory. A lot of the theses can provide a solid foundation for a future PhD. More details can be found below regarding suggestions and previous thesis topics. If there is more you would like to know, do not hesitate to contact me at the link below.


Master thesis suggestions

Real Options and Learning –Application to Investment Decisions in Renewables Energy Project under Policy Uncertainty
In this project students will examine how the potential to learn about extensions, revisions or termination of government policies can affect investment behavior. We will apply a real options approach to model the investment decision of investors under uncertainty. In order to include the aspect of learning, students will first review current literature for suitable modelling approaches and then propose an extension of current real options models to account for the aspect of learning. In a further step students will be able to discuss these issues with an industry partner.

Previous theses

Master’s theses

Master’s theses Spring 2016
Green Investment under Policy Uncertainty and Bayesian Learning,
Peder Andreas Olsen Dalby, Gisle Ryan Gillerhaugen and Tord Leth-Olsen
Applying Real Options Valuation in the Concept Selection Phase of Petroleum Projects
Andrea Stephansen and Stine Cecilie Stangeland Sæle
Investment in flexible hydrogen production from local wind power: Optimising timing, capacity and plant operations of an investment under uncertainty,
Jørgen Bjørnstad Engh and Lars Michael Eeg Ødegaard
Optimal Investment and Replacement Timing for small Wind Power Projects utilizing second-hand Wind Turbines
Ulrik Dale Mannhart

Master’s theses Spring 2015
Transmission and Power Generation Investment under Uncertainty
Nora Sune Midttun and Jannicke Soløy Sletten
Real options valuation under technological uncertainty: A case study of Investment in a post-smolt facility
Jørgen Hannevik, Magnus Naustdal and Henrik Struksnæs
Portfolio Optimization of Wind Power Projects
Silje Johannessen
Investment in Electric Energy Storage Under Uncertainty: A Real Options Approach
Ida Bakke and Beate Norheim

Master’s theses Spring 2014
Evaluating Lead Time Decisions: A Case Study within the General Automotive Industry
Martin P. Fredriksen, Bjørn Erik G. Heiberg and Jørgen T. Moltu
A Comparison of Selected Real Options Valuation Approaches to the Net Present Value Method for an Investment Opportunity in Onshore Wind
Caroline Heggelund and Ida O’Sullivan Myran
Smoother harvest of farmed salmon, value-adding or costly? Investigating the consequences for the different players in the industry
Anja Graff Nesse and Frida Næss-Ulseth
Investment under two sources of uncertainty – strategic decisions in offshore petroleum production
Inês Bento Gonçalves Pratas Leitão

Project theses

Project theses Fall 2015
A Practical Approach to Project Evaluation in the Petroleum Industry using Real Options Theory,
Andrea Stephansen & Stine Cecilie Stangeland Sæle
Renewable Energy Investments under Policy Uncertainty and Bayesian Learning,
Peder Andreas Dalby, Gisle Ryan Gillerhaugen & Tord Leth-Olsen
Optimal Adoption of Renewable Energy Technologies under Uncertainty,
Jørgen B. Engh, Adil Rashid & Lars M. E. Ødegaard

Project theses Fall 2014
Optimal Post-Smolt Production – Evaluating post-smolt production using a real options approach,
Jørgen Hannevik, Magnus Naustdal, Henrik Sruksnæs
Real Option Valuation of Wind Power Project Investment Considering Development in Turbine Technology,
Silje Johannessen
Investment in mutually exclusive transmission projects under political uncertainty,
Ida Bakke & Beate Norheim

Project theses Fall 2013
Valuing lead time reductions,
Martin P. Fredriksen, Bjørn Erik G. Heiberg and Jørgen T. Moltu
Investment Analysis of the
Dudgeon Offshore Wind Park,

Caroline Heggelund and Ida O’Sullivan Myran
Real option valuation of salmon farming on land,
Anja Graff Nesse and Frida Næss-Ulseth