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The paper presents first results and ideas from an ongoing project dealing with the construction of a private closed-end fund for the municipal area of Hannover, Germany. It is argued that for assessing the economic prospects of the project it is helpful to apply a Monte Carlo (MC) simulation approach. Thereby, it is possible to account for contamination risks. Questions that must be solved are (1) to find probability distributions for the uncertain variables and the correlations among these, (2) to adequately integrate legal and political parameters. Despite its merits with regard to accounting for contamination risks in investment appraisal a MC simulation may not be useful for every kind of risk. Integrating legal and political factors using a solely stochastic approach appears not to be convincing, since this kind of uncertainty results from the strategic interaction of agents. Therefore, the potential value of using game theory and institutional analysis is stressed.

An der Universität Lüneburg veranstaltet die Professur Öffentliches Recht, inbes. Energie- und Umweltrecht in Kooperation mit der Professur für Bank- und Finanzwirtschaft am 13.10.2006 ein Symposium zum Thema „ Biogasanlagen – Recht und Finanzierung“. Die drei Themenblöcke gliederten sich in „Rechtsfragen“, „Finanzierung und Steuern“ sowie „Übergreifende Fragen“ und wurden von PD DR. Joachim Sanden, Prof. Dr. Heinrich Degenhart und Prof. Dr. Dr. h.c., (GTU Tiflis) Thomas Schomerus moderiert.