By Christoph Heinzel
This research contributes to the commercial discounting debate via analyzing the welfare and coverage implications of distorted time personal tastes for personal investments. The research is utilized to the strength undefined, the place it truly is of specific significance. within the transition to low-carbon power iteration, distorted time personal tastes are proven to urge an additional distortion, as well as that from the emission externality. Its volume varies at once with the time lag in capital accumulation. so that it will enforce the socially optimum direction, environmental coverage has to be complemented by means of know-how coverage. The theoretical findings are utilized to the approaching structural swap within the German electrical energy within the 2010s.
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Extra info for Distorted Time Preferences and Structural Change in the Energy Industry: A Theoretical and Applied Environmental-Economic Analysis
In line with this focus the subsequent model analysis just departs, like Arrow and Kurz (1970: 116), from differing time preferences of 15 Note that, though necessarily incomplete, the analysis of the literature has been including the major surveys as well as a number of key contributions in detail. The following statements are consistent with the whole of the literature consulted. 1). In view of the multitude of different reasons relevant for the split and the to a good part still open state of discussion with respect to causes, an endogenous explanation of the split is avoided.
P > ρ . 3 Obviously, CO2 is a stock and not a flow pollutant. 5). 1. 1 is derived. 10). 11g) t ∈ [−σ , 0) . 11h) For the dynamics of the model economy it is important that, due to the linearity of the production techniques, two corner solutions can occur along the optimal development path. Either, it can be optimal to only use the established technology at all times, which corresponds to i(t) = 0 ∀t. e. i(t) > 0 ∀t), it may eventually be optimal for the new technology to fully replace the established one and thus l1 (t) = 0 ∀t ≥ t .
Prudent behavior, which is crucial for his argument, occurs as a rational strategy in the face of uncertainty. The factual inability of financial markets to reflect, and, in particular, to insure against, such long-term risks h[min(x1 , x1 ), min(x2 , x2 )] h[max(x1 , x1 ), max(x2 , x2 )] ≥ h(x1 , x2 ) h(x1 , x2 ) . For x1 = x2 = 1 and all x1 , x2 > 1, the log supermodularity of h implies: h(1, 1) h(x1 , x2 ) ≥ h(1, x2 ) h(x1 , 1) , which is, for all g1 = x1 − 1 and g2 = x2 − 1 with g1 , g2 > 0, equivalent to v (c) v [c(1 + g1 )(1 + g2 )] ≥ v [c(1 + g1 )] v [c(1 + g2 )] .
Distorted Time Preferences and Structural Change in the Energy Industry: A Theoretical and Applied Environmental-Economic Analysis by Christoph Heinzel
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