Climate Policy And Petroleum Depletion
AbstractThis paper extends the Nordhaus DICE model to include the demands for coal, oil, and natural gas. These demands depend on own price, prices of substitute fuels, per capita income, and population. An augmented Hotelling model captures the effect of depleting oil resources. A methodological advantage of including price, income, and population sensitive energy demand functions is that it allows substitution possibilities in the 'production' of emissions. Furthermore, it allows the analysis of energy tax regimes in an environment of growing world population and income, non-decreasing energy and carbon intensity, and declining petroleum availability.
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Bibliographic InfoPaper provided by Cornell University, Department of Applied Economics and Management in its series Working Papers with number 127811.
Date of creation: Jan 1997
Date of revision:
Agricultural and Food Policy; Research and Development/Tech Change/Emerging Technologies;
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- Neha Khanna & Duane Chapman, 1996. "Time Preference, Abatement Costs, And International Climate Policy: An Appraisal Of Ipcc 1995," Contemporary Economic Policy, Western Economic Association International, vol. 14(2), pages 56-66, 04.
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