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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/30535
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| Title: | | Climate change mitigation options and directed technical change: a decentralized equilibrium analysis  |
| Authors: | | Grimaud , André Lafforgue , Gilles Magné , Bertrand |
| Issue Date: | | 2009 |
| Series/Report no.: | | CESifo working paper 2875 |
| Abstract: | | The paper considers a climate change growth model with three R&D sectors dedicated to energy, backstop and CCS (Carbon Capture and Storage) efficiency. First, we characterize the set of decentralized equilibria: A particular equilibrium is associated to each vector of public tools which includes a carbon tax and a subsidy to each R&D sector. Moreover, we show that it is possible to compute any equilibrium as the solution of a maximization program. Second, we solve the first-best optimum problem and we implement it by computing the vector of optimal tools. Finally, we illustrate the theoretical model using some calibrated functional specifications. In particular, we investigate the effects of various combinations of public policies (including the optimal ones) by determining the deviation of each corresponding equilibrium from the laisser-faire benchmark. |
| Subjects: | | climate change energy CCS directed technical change carbon tax R&D subsidies |
| JEL: | | H23 O32 Q43 Q54 Q55 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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