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Quota Markets and Technological Change

机译:配额市场与技术变革

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摘要

Quota or permit markets have become an important tool for climate and energy policy, as they not only promise allocative efficiency but also provide a market-based selection of the best new technological options. We analyze their effect on technological change in a case where several technologies could be developed and where R&D firms are granted patents with a finite lifetime. We show that R&D incentives are not only too low, as is well known, but incentives are also distorted across technologies, which is a new result. Compared to the social optimum, the best technology is developed in too few cases, whereas a less promising technology might be developed too often. This distortion is difficult to correct, as information about new technologies is usually missing. However, we show that combining a quota market with a simple tax-subsidy scheme can correct some of these distortions, even if the regulator has no information regarding the properties of new technologies.
机译:配额或许可证市场已成为气候和能源政策的重要工具,因为它们不仅承诺分配效率,而且还提供了基于市场的最佳新技术选择。在可以开发多种技术并且研发公司被授予有限寿命专利的情况下,我们分析了它们对技术变革的影响。我们证明,众所周知,研发激励措施不仅太低,而且激励因技术而异,这是一个新结果。与社会最优方法相比,最好的技术是在很少的情况下开发的,而前景较差的技术则可能是经常开发的。由于通常缺少有关新技术的信息,因此这种失真很难纠正。但是,我们表明,即使监管机构没有有关新技术特性的信息,将配额市场与简单的税收补贴计划结合起来也可以纠正其中的一些扭曲。

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