Background and Methodology

Espinoza R.D. (2014) Decoupling Time Value of Money and Risk: A Step toward the Integration of Risk Management and Quantification. International Journal of Project Management, 32, 1056-1072

Espinoza R.D. (2011) Contingency Estimating using Option Theory: Closing the Gap between Theory and Practice. Journal of Construction Management & Economics, 29, 913-927

Espinoza R.D., Luccioni L.X. (2007) A Simplified Investment Valuation Model for Projects with Technical Uncertainty and Time to Build. 11th International Conference on Real Options, Berkeley, California.

Espinoza R.D., Luccioni L.X. (2007) An Approximate Solution for Perpetual American Option with Time to Build: An Application to Environmental Remediation. International Journal of Business, Vol. 12, No. 3, 291-300.

Civil Infrastructure

Espinoza D., Rojo J., Cifuentes A., Morris J. (2019). DNPV: A valuation methodology consistent with prospect theory for infrastructure and capital investments. Construction Management and Economics. Accepted for publication (

Cifuentes A., Espinoza D. (2016) Infrastructure Investment and the Peril of Discounted Cash Flow. Financial Times, Markets Insight, 3 November 2016

Gupta R., Morris J.W.F., Espinoza R.D. (2016) Financial Sustainability as a Metric for Infrastructure Projects. Proc. Geo-Chicago 2016: Sustainability, Energy, and the Geoenvironment, 14-18 August 2016, Chicago, Illinois

Espinoza R.D., Morris J.W.F. (2015) Very Long Term Care Of Mechanically Stabilized Earth Berms: Limiting the Liability of Future Shareholders. Geo-Strata, 19(2), 42-47, March/April 2015

Nguyen M. (2015) Risk Evaluation in Public-Private Partnership Projects in the Transport Sector in Vietnam. Research Thesis, University of Liverpool, UK

Espinoza R.D., Morris J.W.F (2013) Decoupled NPV: A Simple, Improved Method to Value Infrastructure Investments. Journal of Construction Management & Economics, 31(5), 471-496


Espinoza et al. (2019). The Role of Traditional Discounted Cash Flows in the Tragedy of the Horizon: Another Inconvenient Truth. Mitigation and Adaptation Strategies for Global Change. Accepted for publication (

Renewable Energy

Shimbar A, Ebrahimi S.B, (2020). Political risk and valuation of renewable energy investments in developing countries. Journal of Renewable Energy, 145, 1325-1333.

Hurlimann, C. (2018). Valuation Methods in Renewable Energy Investments: An Explanatory Mixed-Methods Study among German and Swiss Investment Professionals. Ph.D. Thesis. The University of Gloucestershire. UK.

Shimbar A, Ebrahimi S.B, (2017). Modified-Decoupled Net Present Value: The Intersection of Valuation and Time Scaling of Risk in Energy Sector. Environmental Energy and Economic Research, 1, pp 347-362.

Gentzoglanis A (2016). Financing Energy Projects: A Comparative Approach of Competing Methodologies. In Economics and Politics of Energy in Central Asia and Caucasus. Eurasian Research Institute. Editors N. Simsek and H.A Simsek. 63-84.

Humpert F.J. (2016) Analysis and development of Investment Evaluation Methods for Onshore Wind Energy Projects. Research Thesis, Leibniz University, Hannover, Germany

Piel J.-H., Humpert F.J., Breitner M.H. (2016) Applying a Novel Investment Method with Focus on Risk: A Wind Energy Case Study. Proc. International Conference on Operations Research of the German Operation Research Society (GOR), 30 August 30 - 2 September 2016, Hamburg, Germany

Stetter C. (2016) Probabilistic Risk Modeling in a DNPV Framework for Photovoltaic Investments. Research Thesis, Leibniz University, Hannover, Germany

Espinoza R.D., Rojo J. (2015) Using DNPV for Valuing Investments in the Energy Sector: A Solar Project Case Study. Journal of Renewable Energy, 75, 44-49

Mei M., Jian Y. (2015) Valuation Model for Hydropower Project Based on Decoupled Net Present Value. Journal of Information and Management Engineering, 37, No. 2, 228-231 (in Chinese)


Shimbar A., Ebrahimi S.B. (2017) The Application of DNPV to Unlock Foreign Direct Investment in Waste-to-Energy in Developing Countries. Energy - The International Journal, 132, 186-193

Espinoza R.D., Morris J.W.F., Bier J. (2007) Valuing Risk in Landfill Gas Project Development Including Emissions Reduction Credits: A Real Options Perspective. Proc. 11th International Landfill & Waste Management Symposium, 1-5 October 2011, Sardinia, Italy

Extractive Industries (Mining, Oil and Gas)

Espinoza R.D., Rojo J. (2017) Towards Sustainable Mining (Part I): Valuing Investment Opportunities in the Mining Sector. Resources Policy Journal, 52, 7-18

Espinoza R.D., Morris J.W.F. (2017) Towards Sustainable Mining (Part II): Accounting for Mine Reclamation and Post Reclamation Care Liabilities. Resources Policy Journal, 52, 29-38

Milanesi G.S. (2014) Separando el Valor del Tiempo de Dinero y Riesgo en la Evaluación de Proyectos: El Valor Presente Neto Desacoplado (VPND). Análisis Financiero, 126, 45-67 (in Spanish)

Caldwell J. (2015) Why DNPV may be better than NPV.


Schrader P., Piel J.-H., Breitner M.H. (2017) Decoupled Net Preset Value - An Alternative to the Long-Term Asset Value in the Evaluation of Ship Investments. Proc. International Conference on Operations Research: Decision Analytics for the Digital Economy, 6-8 September 2017, Berlin, Germany

Schrader P. (2017).  Risk Management in Vessel Finance Using the DNPV Approach. Research Thesis, Leibniz University, Hannover, Germany