Researching Decision-Making under Uncertainty
We are a team of researchers based at LUT University, Lappeenranta, Finland. Our areas of expertise include multi-criteria decision-making, investment and real options analysis, system dynamics, and fuzzy set theory. We work both theory and applications. Application contexts include renewable energy (regulation and profitability), energy regulation models (electricity transfer), mining investments (profitability, portfolio analysis, modeling), healthcare analytics, predictive industrial maintenance, manufacturing 4.0 (business models, analytics support for manufacturing, profitability), and economic behavior (experimental finance, investor behavior, choice under uncertainty). The group is the strongest group in Finland on real option analysis and in fuzzy logic.
Post-doctoral researcher, School of Business and Management, LUT University, Lappeenranta, Finland
Strategies for technological, economic, educational and social policy adoption.
Financed by Academy of Finland
In search for sustainable support systems for renewable energy (SUSY)
The main objective of this research project is methodology development for tailoring renewable energy support mechanisms making them efficient and sustainable.
Financed by Foundation for Economic Education (2020, 2021)
Technical, Economic and Societal Effects of Manufacturing 4.0
Automation, Adaption and Manufacturing in Finland and Beyond
Editors Mikael Collan and Karl-Erik Michelsen
Open access book available here
Kozlova, M., Collan, M. and Luukka, P., 2016. Simulation decomposition: New approach for better simulation analysis of multi-variable investment projects. Fuzzy Economic Review, 21, 2, p.3.
matlab function for simulation decomposition
Collan, M., 2012, The Pay-Off Method: Re-Inventing Investment Analysis: With numerical application examples from different industries, CreateSpace Inc., Charleston