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  "documentTitle": "ey net zero centre carbon offset publication 20220530",
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      "text": "Definition 1 For a CDM-registered wind farm n and an unregistered wind farm m that are built in the same state and year, n is a BLIMP if: 1. it is larger (cn >= cm), and 2. it is built in a windier location (fn >= fm), and 3. it is built closer to a connection point (dn <= dm).",
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      "text": "For a CDM-registered wind farm n and an unregistered wind farm m that are built in the same state and year, n is a BLIMP if: it is larger, it is built in a windier location, and it is built closer to a connection point.",
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      "text": "V_nly = sum_{t=y}^T ((p_lyt + s_nt)(c_n * f_n)(1 - l(d_n)) - v_yt(c_n) - tau_lyt) / (1 + r)^(t-y) - F_y(c_n, d_n) = (3)",
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      "text": "The following equation describes what we consider a reasonable description of the net present value from building a wind farm, i, in state l, in year y.",
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      "text": "Although equation 3 is helpful as motivation, our empirical analysis does not require us to estimate the value function. We only rely on the milder conditions stated in Definition 1...",
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      "text": "The first term gives us the net present value of the stream of operating profits... The second term of equation 3 represents the up-front cost of construction, Fy...",
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      "text": "4.1 An Operational Definition of a BLIMP",
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