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Autoren: 
Heinzel, Christoph
Winkler, Ralph
Datum: 
2007
Schriftenreihe/Nr.: 
Economics Working Paper Series No. 07/71
Zusammenfassung: 
In a dynamic general equilibrium model we study the interplay between gradual and structural change in the transition to a low-carbon energy industry. We focus on the welfare-theoretic consequences of diverging social and private rates of time preference and a time-to-build feature in capital accumulation. Both features are particularly important in the transformation of energy systems. We show that only a combination of environmental and technology policies can achieve a socially optimal transition. We thus provide a new reason for environmental regulation to be complemented by technology policy such as a non-distortionary investment subsidy.
Schlagwörter: 
environmental and technology policy
social vs. individual rates of time preference
time to build
gradual vs. structural technological change
energy industry
JEL: 
H23
Q48
H43
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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