Mulan X. Wang

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My dissertation concentrates on several aspects of supply chain management and economic valuation of real options in the natural gas and liquefied natural gas (LNG) industry, including gas pipeline transportation, ocean LNG shipping logistics, and downstream storage. Chapter 1 briefly introduces the natural gas and LNG industries, and the topics studied in(More)
Commodity merchants use real option models to manage their operations. A central element of such a model is its underlying operating policy. We focus on network contracts for the transport capacity of natural gas pipelines, specific energy conversion assets. Practitioners commonly manage these contracts as portfolios of spread options. Although(More)
The valuation of the real option to store liquefied natural gas (LNG) at the downstream terminal of an LNG value chain is an important problem in practice. As the exact valuation of this real option is computationally intractable, we develop a novel and tractable heuristic model for its strategic valuation that integrates models of LNG shipping, natural gas(More)
The valuation of the real option to store liquefied natural gas (LNG) at the downstream terminal of an LNG value chain is an important problem in practice. As the exact valuation of this real option is computationally intractable, we develop a novel and tractable heuristic model for its strategic valuation that integrates models of LNG shipping, natural gas(More)
In the United States natural gas pipelines lease their transport capacity to shippers via contracts, which shippers manage as real options on differences between natural gas prices at different geographical locations. In practice it is common to value these real options using spread option valuation techniques, because they quickly compute both their values(More)
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