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| Tekijä: | Chakravorty, U. Leach, A. Moreaux, M. |
| Otsikko: | Would hotelling kill the electric car? |
| Lehti: | Journal of Environmental Economics and Management
2011 : MAY, VOL. 61:3, p. 281-296 |
| Asiasana: | product differentiation technological innovation renewable resources competition global warming electric cars |
| Kieli: | eng |
| Tiivistelmä: | We show that the potential for endogenous technological change in alternative energy sources may change the behaviour of resource-owning firms. If technological progress in an alternative energy source can happen through learning-by-doing, resource owners encounter competing incentives to extract rents from the resource, preventing expansion of the new technology. We show that in that context, scarcity-driven higher traditional energy prices over time may not induce alternative energy supply as resources exhaust. Rather, we show that as the learning potential in the substitute technology increases, lower equilibrium energy prices prevail and increased resource extraction and greenhouse gas emissions may come about. The effectiveness and the incidence of emissions reduction policies are shown to be possibly altered by increased technological change potential. The results suggest that treating finite resource rents as endogenous results of both technological progress and policy changes is important for the accurate evaluation of climate change policy. |
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