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Modeling endogenous technological change for climate policy analysis

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Author Info
Gillingham, Kenneth
Newell, Richard G.
Pizer, William A.

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Abstract

The approach used to model technological change in a climate policy model is a critical determinant of its results in terms of the time path of CO2 prices and costs required to achieve various emission reduction goals. We provide an overview of the different approaches used in the literature, with an emphasis on recent developments regarding endogenous technological change, research and development, and learning. Detailed examination sheds light on the salient features of each approach, including strengths, limitations, and policy implications. Key issues include proper accounting for the opportunity costs of climate-related knowledge generation, treatment of knowledge spillovers and appropriability, and the empirical basis for parameterizing technological relationships. No single approach appears to dominate on all these dimensions, and different approaches may be preferred depending on the purpose of the analysis, be it positive or normative.

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File URL: http://www.sciencedirect.com/science/article/B6V7G-4S0YXP6-1/2/a415a94b7d13a9827abd2dd89540825e
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Publisher Info
Article provided by Elsevier in its journal Energy Economics.

Volume (Year): 30 (2008)
Issue (Month): 6 (November)
Pages: 2734-2753
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Handle: RePEc:eee:eneeco:v:30:y:2008:i:6:p:2734-2753

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Web page: http://www.elsevier.com/locate/eneco

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Related research
Keywords: Exogenous Technology R& D Learning Induced;

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  1. Brännlund, Runar & Lundgren, Tommy, 2008. "Environmental policy and profitability - Evidence from Swedish industry," UmeÃ¥ Economic Studies 750, Umeå University, Department of Economics. [Downloadable!]
  2. Joseph E. Aldy & Alan J. Krupnick & Richard G. Newell & Ian W.H. Parry & William A. Pizer, 2009. "Designing Climate Mitigation Policy," NBER Working Papers 15022, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Tom-Reiel Heggedal and Karl Jacobsen, 2008. "Timing of innovation policies when carbon emissions are restricted: an applied general equilibrium analysis," Discussion Papers 536, Research Department of Statistics Norway. [Downloadable!]
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