期刊
ENERGY ECONOMICS
卷 92, 期 -, 页码 -出版社
ELSEVIER
DOI: 10.1016/j.eneco.2020.104958
关键词
CGE model; Production function; Empirical parameters; GTAP parameters
类别
资金
- National Key Research and Development Program of China [2017YFA0603600, 2016YFA0602604]
- National Natural Science Foundation of China [71690244, 71461010701]
- Volvo Group in a research project of the Research Center for Green Economy and Sustainable Development, Tsinghua University
- Tsinghua China Data Center
- China Siyuan Foundation for Poverty Alleviation
- Harvard Global Institute
Policy simulation results of Computable General Equilibrium (CGE) models largely hinge on the choices of substitution elasticities among key input factors. Currently, most CGE models rely on the common elasticities estimated from aggregated data, such as the GTAP model elasticity parameters. Using firm level data, we apply the control function method to estimate CES production functions with capital, labor and energy inputs and find significant heterogeneity in substitution elasticities across different industries. Our capital-labor substitution elasticities are much lower than the GTAP values while our energy elasticities are higher. We then incorporate these estimated elasticities into a CGE model to simulate China's carbon pricing policies and compare with the results using GTAP parameters. Our less elastic K-L substitution leads to lower base case GDP growth, but our more elastic energy substitution lead to lower coal use and carbon emissions. In the carbon tax policy exercises, we find that our elasticities lead to easier reductions in coal use and carbon emissions. (C) 2020 Elsevier B.V. All rights reserved.
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