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Sandpit I: Airport Environmental Investment Toolkit
The aim of our project is to develop a prototype of financial toolkit that can facilitate airport managers to invest in technologies to meet the sustainability agenda. By creating a model based on Markov decision processes, we seek to optimise the sustainable technology investments in order not only to be profitable for the airport industry, but also to meet the environmental standards set either by the government or the society. The financial model is composed of two interrelated models: (1) a short-run and (2) a long-run model. The first model addresses the short-run problem posed by the running and maintenance of the project, that is, to satisfy budget and time requirements. The long-run model analyses the optimal investment level necessary to implement the investment. The two models are correlated because the optimal solution of the long-term model, i.e. the steady-state solution, represents one of the constraints for the solution of the short-term model. Moreover, we introduce in our model the optimisation factor of Corporate Social Responsibility (CSR) by investigating the financial benefits that an airport may obtain if its strategies are in accordance with the well-being of the society.
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