IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v12y2020i7p2817-d340387.html
   My bibliography  Save this article

Intelligent Predictive Analytics for Sustainable Business Investment in Renewable Energy Sources

Author

Listed:
  • Theodoros Anagnostopoulos

    (Department of Business Administration, University of West Attica, 12241 Athens, Greece
    Department of Infocommunication Technologies, ITMO University, St. Petersburg 197101, Russia)

  • Grigorios L. Kyriakopoulos

    (Electric Power Division, Photometry Laboratory, School of Electrical and Computer Engineering, National Technical University of Athens, 15780 Athens, Greece)

  • Stamatios Ntanos

    (Department of Business Administration, University of West Attica, 12241 Athens, Greece)

  • Eleni Gkika

    (Department of Business Administration, University of West Attica, 12241 Athens, Greece)

  • Sofia Asonitou

    (Department of Business Administration, University of West Attica, 12241 Athens, Greece)

Abstract

Willingness to invest in renewable energy sources (RES) is predictable under data mining classification methods. Data was collected from the area of Evia in Greece via a questionnaire survey by using a sample of 360 respondents. The questions focused on the respondents’ perceptions and offered benefits for wind energy, solar photovoltaics (PVs), small hydro parks and biomass investments. The classification algorithms of Bayesian Network classifier, Logistic Regression, Support Vector Machine (SVM), C4.5, k-Nearest Neighbors (k-NN) and Long Short Term Memory (LSTM) were used. The Bayesian Network classifier was the best method, with a prediction accuracy of 0.7942. The most important variables for the prediction of willingness to invest were the level of information, the level of acceptance and the contribution to sustainable development. Future studies should include data on state incentives and their impact on willingness to invest.

Suggested Citation

  • Theodoros Anagnostopoulos & Grigorios L. Kyriakopoulos & Stamatios Ntanos & Eleni Gkika & Sofia Asonitou, 2020. "Intelligent Predictive Analytics for Sustainable Business Investment in Renewable Energy Sources," Sustainability, MDPI, vol. 12(7), pages 1-11, April.
    • Handle: RePEc:gam:jsusta:v:12:y:2020:i:7:p:2817-:d:340387
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/12/7/2817/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/12/7/2817/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Stamatios Ntanos & Grigorios Kyriakopoulos & Miltiadis Chalikias & Garyfallos Arabatzis & Michalis Skordoulis, 2018. "Public Perceptions and Willingness to Pay for Renewable Energy: A Case Study from Greece," Sustainability, MDPI, vol. 10(3), pages 1-16, March.
    2. Zhai, Pei & Williams, Eric D., 2012. "Analyzing consumer acceptance of photovoltaics (PV) using fuzzy logic model," Renewable Energy, Elsevier, vol. 41(C), pages 350-357.
    3. Swift, Kenton D., 2013. "A comparison of the cost and financial returns for solar photovoltaic systems installed by businesses in different locations across the United States," Renewable Energy, Elsevier, vol. 57(C), pages 137-143.
    4. Li, Hui & Yi, Hongtao, 2014. "Multilevel governance and deployment of solar PV panels in U.S. cities," Energy Policy, Elsevier, vol. 69(C), pages 19-27.
    5. Stamatios Ntanos & Grigorios Kyriakopoulos & Michalis Skordoulis & Miltiadis Chalikias & Garyfallos Arabatzis, 2019. "An Application of the New Environmental Paradigm (NEP) Scale in a Greek Context," Energies, MDPI, vol. 12(2), pages 1-18, January.
    6. Bahana Wiradanti & Stephen Pettit & Andrew Potter & Wessam Abouarghoub, 2020. "Willingness to invest in peripheral ports: perceptions of Indonesian port and maritime industry stakeholders," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 22(4), pages 699-714, December.
    7. Stamatios Ntanos & Grigorios Kyriakopoulos & Miltiadis Chalikias & Garyfallos Arabatzis & Michalis Skordoulis & Spyros Galatsidas & Dimitrios Drosos, 2018. "A Social Assessment of the Usage of Renewable Energy Sources and Its Contribution to Life Quality: The Case of an Attica Urban Area in Greece," Sustainability, MDPI, vol. 10(5), pages 1-15, May.
    8. Lindstrom, Tomas, 1998. "A fuzzy design of the willingness to invest in Sweden," Journal of Economic Behavior & Organization, Elsevier, vol. 36(1), pages 1-17, July.
    9. William S. Breffle & Edward R. Morey & Tymon S. Lodder, 1998. "Using Contingent Valuation to Estimate a Neighbourhood's Willingness to Pay to Preserve Undeveloped Urban Land," Urban Studies, Urban Studies Journal Limited, vol. 35(4), pages 715-727, April.
    10. Eeva ALHO, 2019. "Farmers’ Willingness To Invest In New Cooperative Instruments: A Choice Experiment," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 90(1), pages 161-186, March.
    11. Zografakis, Nikolaos & Sifaki, Elli & Pagalou, Maria & Nikitaki, Georgia & Psarakis, Vasilios & Tsagarakis, Konstantinos P., 2010. "Assessment of public acceptance and willingness to pay for renewable energy sources in Crete," Renewable and Sustainable Energy Reviews, Elsevier, vol. 14(3), pages 1088-1095, April.
    12. Kyriakopoulos, Grigorios L. & Arabatzis, Garyfallos, 2016. "Electrical energy storage systems in electricity generation: Energy policies, innovative technologies, and regulatory regimes," Renewable and Sustainable Energy Reviews, Elsevier, vol. 56(C), pages 1044-1067.
    13. Arabatzis, Garyfallos & Kyriakopoulos, Grigorios & Tsialis, Panagiotis, 2017. "Typology of regional units based on RES plants: The case of Greece," Renewable and Sustainable Energy Reviews, Elsevier, vol. 78(C), pages 1424-1434.
    14. Kaldellis, J.K. & Kapsali, M. & Katsanou, Ev., 2012. "Renewable energy applications in Greece—What is the public attitude?," Energy Policy, Elsevier, vol. 42(C), pages 37-48.
    15. Evangelia Karasmanaki & Spyridon Galatsidas & Georgios Tsantopoulos, 2019. "An Investigation of Factors Affecting the Willingness to Invest in Renewables among Environmental Students: A Logistic Regression Approach," Sustainability, MDPI, vol. 11(18), pages 1-18, September.
    16. Kyriakopoulos, Grigorios L. & Arabatzis, Garyfallos & Tsialis, Panagiotis & Ioannou, Konstantinos, 2018. "Electricity consumption and RES plants in Greece: Typologies of regional units," Renewable Energy, Elsevier, vol. 127(C), pages 134-144.
    17. Vasseur, Véronique & Kemp, René, 2015. "The adoption of PV in the Netherlands: A statistical analysis of adoption factors," Renewable and Sustainable Energy Reviews, Elsevier, vol. 41(C), pages 483-494.
    18. Wong, W.K. & Guo, Z.X., 2010. "A hybrid intelligent model for medium-term sales forecasting in fashion retail supply chains using extreme learning machine and harmony search algorithm," International Journal of Production Economics, Elsevier, vol. 128(2), pages 614-624, December.
    19. Jaime F. Lavin & Mauricio A. Valle & Nicolás S. Magner, 2019. "Heuristics in Mutual Fund Consumers' Willingness‐to‐Invest: An Experimental Approach," Journal of Consumer Affairs, Wiley Blackwell, vol. 53(4), pages 1970-2002, December.
    20. Dawit W. Mulatu & Pieter R. van Oel & Anne van der Veen, 2015. "Firms' willingness to invest in a water fund to improve water-related ecosystem services in the Lake Naivasha basin, Kenya," Water International, Taylor & Francis Journals, vol. 40(3), pages 463-482, May.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Maryna Brychko & Yuriy Bilan & Serhiy Lyeonov & Dalia Streimikiene, 2023. "Do changes in the business environment and sustainable development really matter for enhancing enterprise development?," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(2), pages 587-599, April.
    2. Hanxiao Wei & Huiqin Yao, 2022. "Environmental Regulation, Roundabout Production, and Industrial Structure Transformation and Upgrading: Evidence from China," Sustainability, MDPI, vol. 14(7), pages 1-17, March.
    3. Katarzyna Sanak-Kosmowska & Jan W. Wiktor, 2021. "The Morphology and Differentiation of the Content of International Debate on Renewable Energy. A Bibliometric Analysis of Web of Science, Scopus, and Twitter," Energies, MDPI, vol. 14(21), pages 1-23, October.
    4. Julia Giera & Ewa Kulińska, 2021. "Risk Factors in a Logistics Company Using Renewable Energy Sources," Energies, MDPI, vol. 14(23), pages 1-10, December.
    5. Chhaya Dubey & Dharmendra Kumar & Ashutosh Kumar Singh & Vijay Kumar Dwivedi, 2024. "Applying machine learning models on blockchain platform selection," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 15(8), pages 3643-3656, August.
    6. Zhaowen Du & Shaojie Chen & Junbiao Ma & Zhongping Guo & Dawei Yin, 2020. "Gob-Side Entry Retaining Involving Bag Filling Material for Support Wall Construction," Sustainability, MDPI, vol. 12(16), pages 1-20, August.
    7. Izanloo, Milad & Aslani, Alireza & Zahedi, Rahim, 2022. "Development of a Machine learning assessment method for renewable energy investment decision making," Applied Energy, Elsevier, vol. 327(C).
    8. Andrey I. Vlasov & Boris V. Artemiev & Kirill V. Selivanov & Kirill S. Mironov & Jasur O. Isroilov, 2022. "Predictive Control Algorithm for A Variable Load Hybrid Power System on the Basis of Power Output Forecast," International Journal of Energy Economics and Policy, Econjournals, vol. 12(3), pages 1-7, May.
    9. Li, Baolin & Wang, Jia & Nassani, Abdelmohsen A. & Binsaeed, Rima H. & Li, Zeyun, 2023. "The future of Green energy: A panel study on the role of renewable resources in the transition to a Green economy," Energy Economics, Elsevier, vol. 127(PB).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Efi Drimili & Ζoi Gareiou & Efthimios Zervas, 2020. "Public perceptions of the concept of green growth: application in Athens, Greece, during a period of economic crisis," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 22(7), pages 6053-6076, October.
    2. Croce, Antonello Ignazio & Musolino, Giuseppe & Rindone, Corrado & Vitetta, Antonino, 2019. "Sustainable mobility and energy resources: A quantitative assessment of transport services with electrical vehicles," Renewable and Sustainable Energy Reviews, Elsevier, vol. 113(C), pages 1-1.
    3. Stamatios Ntanos & Grigorios Kyriakopoulos & Miltiadis Chalikias & Garyfallos Arabatzis & Michalis Skordoulis, 2018. "Public Perceptions and Willingness to Pay for Renewable Energy: A Case Study from Greece," Sustainability, MDPI, vol. 10(3), pages 1-16, March.
    4. Sofia-Despoina Papadopoulou & Niki Kalaitzoglou & Maria Psarra & Sideri Lefkeli & Evangelia Karasmanaki & Georgios Tsantopoulos, 2019. "Addressing Energy Poverty through Transitioning to a Carbon-Free Environment," Sustainability, MDPI, vol. 11(9), pages 1-17, May.
    5. Stamatios Ntanos & Grigorios Kyriakopoulos & Miltiadis Chalikias & Garyfallos Arabatzis & Michalis Skordoulis & Spyros Galatsidas & Dimitrios Drosos, 2018. "A Social Assessment of the Usage of Renewable Energy Sources and Its Contribution to Life Quality: The Case of an Attica Urban Area in Greece," Sustainability, MDPI, vol. 10(5), pages 1-15, May.
    6. Ioannidis, Filippos & Kosmidou, Kyriaki & Papanastasiou, Dimitra, 2023. "Public awareness of renewable energy sources and Circular Economy in Greece," Renewable Energy, Elsevier, vol. 206(C), pages 1086-1096.
    7. Evgeny Lisin & Wadim Strielkowski & Veronika Chernova & Alena Fomina, 2018. "Assessment of the Territorial Energy Security in the Context of Energy Systems Integration," Energies, MDPI, vol. 11(12), pages 1-14, November.
    8. Balezentis, Tomas & Streimikiene, Dalia & Mikalauskas, Ignas & Shen, Zhiyang, 2021. "Towards carbon free economy and electricity: The puzzle of energy costs, sustainability and security based on willingness to pay," Energy, Elsevier, vol. 214(C).
    9. Yuan, Hao & Dai, Haifeng & Wei, Xuezhe & Ming, Pingwen, 2020. "A novel model-based internal state observer of a fuel cell system for electric vehicles using improved Kalman filter approach," Applied Energy, Elsevier, vol. 268(C).
    10. Evangelia Karasmanaki & Spyridon Galatsidas & Georgios Tsantopoulos, 2019. "An Investigation of Factors Affecting the Willingness to Invest in Renewables among Environmental Students: A Logistic Regression Approach," Sustainability, MDPI, vol. 11(18), pages 1-18, September.
    11. Alkistis E. Kanteraki & Grigorios L. Kyriakopoulos & Miltiadis Zamparas & Vasilis C. Kapsalis & Sofoklis S. Makridis & Giouli Mihalakakou, 2020. "Investigating Thermal Performance of Residential Buildings in Marmari Region, South Evia, Greece," Challenges, MDPI, vol. 11(1), pages 1-22, February.
    12. Hanson, Eric & Canfield, Casey & Fikru, Mahelet G. & Sumner, Jenny, 2023. "State-level trends in renewable energy procurement via solar installation versus green electricity," Renewable Energy, Elsevier, vol. 218(C).
    13. Xiaohui Yu & Sai Ma & Kang Cheng & Grigorios L. Kyriakopoulos, 2020. "An Evaluation System for Sustainable Urban Space Development Based in Green Urbanism Principles—A Case Study Based on the Qin-Ba Mountain Area in China," Sustainability, MDPI, vol. 12(14), pages 1-22, July.
    14. Lambros T. Doulos & Aris Tsangrassoulis & Evangelos-Nikolaos Madias & Spyros Niavis & Antonios Kontadakis & Panagiotis A. Kontaxis & Vassiliki T. Kontargyri & Katerina Skalkou & Frangiskos Topalis & E, 2020. "Examining the Impact of Daylighting and the Corresponding Lighting Controls to the Users of Office Buildings," Energies, MDPI, vol. 13(15), pages 1-25, August.
    15. Jinxing Wang & Wanming Li & Shamsheer ul Haq & Pomi Shahbaz, 2023. "Adoption of Renewable Energy Technology on Farms for Sustainable and Efficient Production: Exploring the Role of Entrepreneurial Orientation, Farmer Perception and Government Policies," Sustainability, MDPI, vol. 15(7), pages 1-20, March.
    16. Dimitrios Drosos & Grigorios L. Kyriakopoulos & Garyfallos Arabatzis & Nikolaos Tsotsolas, 2020. "Evaluating Customer Satisfaction in Energy Markets Using a Multicriteria Method: The Case of Electricity Market in Greece," Sustainability, MDPI, vol. 12(9), pages 1-19, May.
    17. Hussain Humaira & Seung-Woo Baek & Hag-Wone Kim & Kwan-Yuhl Cho, 2019. "Circuit Topology and Small Signal Modeling of Variable Duty Cycle Controlled Three-Level LLC Converter," Energies, MDPI, vol. 12(20), pages 1-21, October.
    18. Michalis Skordoulis & Grigorios Kyriakopoulos & Stamatiοs Ntanos & Spyros Galatsidas & Garyfallos Arabatzis & Miltiadis Chalikias & Petros Kalantonis, 2022. "The Mediating Role of Firm Strategy in the Relationship between Green Entrepreneurship, Green Innovation, and Competitive Advantage: The Case of Medium and Large-Sized Firms in Greece," Sustainability, MDPI, vol. 14(6), pages 1-18, March.
    19. Bernadette Fina & Hans Auer, 2020. "Economic Viability of Renewable Energy Communities under the Framework of the Renewable Energy Directive Transposed to Austrian Law," Energies, MDPI, vol. 13(21), pages 1-31, November.
    20. William Philip Wall & Bilal Khalid & Mariusz Urbański & Michal Kot, 2021. "Factors Influencing Consumer’s Adoption of Renewable Energy," Energies, MDPI, vol. 14(17), pages 1-19, August.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:12:y:2020:i:7:p:2817-:d:340387. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.