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Second-best instruments for energy and climate policy

Author

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  • Xavier Labandeira

    (Rede (Universidade de Vigo) and Economics for Energy)

  • Pedro Linares

    (IIT, Universidad Pontificia Comillas and Economics for Energy)

Abstract

The debate seems to be well settled among economists in that the best policy instrument to reduce carbon emissions is a carbon tax. However and surprisingly, most of these discussions have taken place in a firstbest setting. We think instead that second-best settings should be incorporated to the analysis with at least the same level of rigor. Therefore, a careful assessment under second-best conditions of all the available instruments, and their combination, seems well deserved. Here we build on the existing literature and try to provide an integrated, although preliminary approach, merging efficiency with other concerns, with the final goal of giving indications on which instrument, or instruments, seem better suited for climate policy.

Suggested Citation

  • Xavier Labandeira & Pedro Linares, 2010. "Second-best instruments for energy and climate policy," Working Papers 06-2010, Economics for Energy.
    • Handle: RePEc:efe:wpaper:06-2010
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    Cited by:

    1. Alberto Gago & Michael Hanemann & Xavier Labandeira & Ana Ramos, 2013. "Climate change, buildings and energy prices," Chapters, in: Roger Fouquet (ed.), Handbook on Energy and Climate Change, chapter 19, pages 434-452, Edward Elgar Publishing.
    2. Göke, Leonard & Madlener, Reinhard, 2017. "High Taxes on Cloudy Days: Dynamic State-Induced Price Components in Power Markets," FCN Working Papers 18/2017, E.ON Energy Research Center, Future Energy Consumer Needs and Behavior (FCN), revised 01 May 2020.

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