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Emission Regulation of Markets with Sluggish Supply Structures

机译：具有缓慢供应结构的市场排放调节

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I examine regulation in the presence of convex investment costs and technology specific capacity stocks. Announcement of future emission taxes reduces current emissions unless fossil fuels are scarce, in which case the effect is ambiguous. Substantial future emission reductions require action today, because it takes time to build up clean production capacity and phase out dirty capacity. The Pigou tax must be coupled with sector specific investment taxes or subsidies to induce the socially optimal trajectory if the private discount rate differs from the social discount rate. If such investment taxes or subsidies are unavailable, a (time-inconsistent) second-best alternative may be to tax emissions above the Pigouvian level during the transition phase. The theory is complemented with a stylized numerical model of the US electricity market.
机译：我在存在凸面投资成本和技术特定能力股中的存在下进行监管。未来排放税的公告减少了当前排放，除非化石燃料稀缺，在这种情况下，效果是暧昧的。当今未来的减排需要采取行动，因为它需要时间来建立清洁的生产能力和淘汰脏容量。如果私人折扣率与社会折扣率不同，猪税额必须与部门特定的投资税或补贴诱导社会最佳的轨迹。如果此类投资税或补贴不可用，则（时间不一致）第二个最佳替代方案可能是在过渡阶段征收仔猪水平之上的税收排放。该理论与美国电力市场的程式化数值模型相吻合。

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