Long - Run Backfire from Energy Policies ∗
نویسنده
چکیده
To compare the general equilibrium effects of common environmental policies, I develop a model of directed technical change with endogenous exploration for depletable fossil resources, endogenous innovation in technologies for accessing renewable resources, and endogenous innovation in technologies for converting fossil and renewable resources into energy services. I find that a supply restriction and a resource tax each nearly always reduce extraction of fossil resources. In contrast, an efficiency policy and a renewable energy policy each can increase contemporaneous extraction of fossil resources (“backfire”) if those resources are sufficiently depleted. Interactions with innovation and depletion can make the cumulative backfire induced by a time t policy differ substantially from a static analysis.
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