期刊
JOURNAL OF ENVIRONMENTAL ECONOMICS AND MANAGEMENT
卷 97, 期 -, 页码 42-66出版社
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.jeem.2018.04.001
关键词
Global warming; Carbon pricing; Renewable R&D; Tipping point; International cooperation; Non-cooperative policies; Feedback Nash equilibrium
资金
- European Research Council (FP7-IDEAS-ERC) [269788]
- European Research Council (ERC) [269788] Funding Source: European Research Council (ERC)
Global warming can be curbed by pricing carbon emissions and thus substituting fossil fuel with renewable energy consumption. Breakthrough technologies (e.g., fusion energy) can reduce the cost of such policies. However, the chance of such a technology coming to market depends on investment. We model breakthroughs as an irreversible tipping point in a multi-country world, with different degrees of international cooperation. We show that international spill-over effects of R&D in carbon-free technologies lead to double free-riding, strategic over-pollution and underinvestment in green R&D, thus making climate change mitigation more difficult. We also show how the demand structure determines whether carbon pricing and R&D policies are substitutes or complements. (C) 2018 Published by Elsevier Inc.
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