Tine Compernolle

Senior Researcher
Environmental Economist, Geological Economics

         UAntwerp profile


Tine Compernolle is currently FED-tWIN researcher at the University of Antwerp (Assistant Professor, 50%) and the Royal Belgian Institute of Natural Sciences – the Geological Survey of Belgium (RBINS –
GSB, senior researcher 50%).

She holds a PhD in Applied Economics (2012, UHasselt) and a master in Applied Economics (2008, UHasselt). She worked as dr.-assistant at the UHasselt from 2013 until 2016. In 2016 she was granted an FWO post-doctoral fellowship.

Her research activities focus on strategic decision making under uncertainty. She adopts the real options approach and integrates principles of game theory to analyze investment decision under multiple sources of uncertainty, while taking into account the value of flexibility. She adopts these real option games in the field of environmental economics and more particularly on subsurface developments, in close collaboration with scientists in the field of geology and hydrogeology.

Central research question is how to develop the subsurface in a sustainable way. Besides economic and (hydro)geological aspects, we also aim to integrate above-ground environmental impacts as well as social aspects like environmental justice and stakeholder perceptions. With these research activities we aim to get insights about (i) the geological and economic boundary conditions that determine the selection of subsurface development options, (ii) the environmental economic costs and benefits associated with interfering subsurface activities, (iii) the options that can be considered as most valuable to manage the risk of negatively interfering subsurface activities, (iv) about how to plan simultaneously or consecutively operating subsurface activities such that the subsurface can be developed at the highest expected reward and the lowest expected economic and environmental risks, and (v) about how to distribute subsurface resources equitably within and across generations.

Research group

Research interests

  • Sustainability
  • Real options theory
  • Environmental impact assessment
  • Geosystem and ecosystem service valuation


Dynamic economic and environmental impact assessment, cost effectiveness analysis, cost benefit analysis, stakeholder analysis, Q method

Key publications

Compernolle, T., & Thijssen, J.J.J., 2021. The Role of Industrial and Market Symbiosis in Stimulating CO2 Emission Reductions. Environmental & Resource Economics. https://doi.org/10.1007/s10640-021-00616-3

Tschulkow, M., Compernolle, T., & Van Passel, S., 2021. Optimal timing of multiple investment decisions in a wood value chain: A real options approach. Journal of Environmental Management, 290, 10, Article 112590. https://doi.org/10.1016/j.jenvman.2021.112590

Lamberts-Van Assche, H., & Compernolle, T., 2021. Economic feasibility studies for Carbon Capture and Utilization technologies: a tutorial review. Clean Technologies and Environmental Policy, 25. https://doi.org/10.1007/s10098-021-02128-6

Compernolle, T., Welkenhuysen, K., Petitclerc, E., Maes, D., & Piessens, K., 2019. The impact of policy measures on profitability and risk in geothermal energy investments. Energy Economics, 84, 17, Article 104524. https://doi.org/10.1016/j.eneco.2019.104524

Roefs, P., Moretti, M., Welkenhuysen, K., Piessens, K., & Compernolle, T., 2019. CO<sub>2</sub>-enhanced oil recovery and CO2 capture and storage: An environmental economic trade-off analysis. Journal of Environmental Management, 239, 167-177. https://doi.org/10.1016/j.jenvman.2019.03.007

Compernolle, T., Welkenhuysen, K., Huisman, K., Piessens, K., & Kort, P., 2017. Off-shore enhanced oil recovery in the North Sea: The impact of price uncertainty on the investment decisions. Energy Policy, 101, 123-137. https://doi.org/10.1016/j.enpol.2016.11.034

Welkenhuysen, K., Rupert, J., Compernolle, T., Ramirez, A., Swennen, R., & Piessens, K., 2017. Considering economic and geological uncertainty in the simulation of realistic investment decisions for CO2-EOR projects in the North Sea. Applied Energy, 185, 745-761. https://doi.org/10.1016/j.apenergy.2016.10.105

Compernolle, T., Van Passel, S., Huisman, K., & Kort, P., 2014. The option to abandon: Stimulating innovative groundwater remediation technologies characterized by technological uncertainty. Science of the Total Environment, 496, 63-74. https://doi.org/10.1016/j.scitotenv.2014.07.019

Compernolle, T., Van Passel, S., & Lebbe, L., 2013. The Value of Groundwater Modeling to Support a Pump and Treat Design. Ground Water Monitoring and Remediation, 33(3), 111-118. https://doi.org/10.1111/gwmr.12018

Compernolle, T., Van Passel, S., Weyens, N., Vangronsveld, J., Lebbe, L., & Thewys, T., 2012. Groundwater remediation and the cost effectiveness of phytoremediation. International Journal of Phytoremediation, 14(9), 861-877. https://doi.org/10.1080/15226514.2011.628879

Publication list on Orcid


Other activities

Geological Economics
Towards sustainable and dynamic management of subsurface activities

FED-tWIN (POD WET.B): project fellow

Towards a sustainable scale of subsurface developments: an ecological economics approach

NEWZAP (BOF) Doctoral Project developing a dynamic and multi-dimensional assessment of interacting subsurface activities – a case study for the Campine Basin: project promoter

Implementing innovative financing for nature-based solutions in Flemish cities

FWO Strategic Basic Research (SBO): WP leader on developing and applying the real options theory

Accelerating and upscaling transformational adaptation in Europe: demonstration of water-related innovation packages

Horizon2020: WP leader on developing and applying the real options theory