Climate policy and the optimal extraction of high- and low-carbon fossil fuels
flow-constraint may substitute towards the relatively dirty input. As the economy tries to maximize output per unit of emissions it is not only carbon content that matters: productivity matters as well. With an announced constraint the economy first substitutes towards the less productive input such that more of the productive input is available when constrained. Preliminary empirical results suggest that it is cost-effective to substitute away from dirty coal to cleaner oil or gas, but to substitute from natural gas towards the dirtier input oil.
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Volume (Year): 41 (2008)
Issue (Month): 4 (November)
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- Martin J. Beckmann, 1974. "A Note on the Optimal Rates of Resource Exhaustion," Review of Economic Studies, Oxford University Press, vol. 41(5), pages 121-122.
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