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  All or nothing: Climate policy when assets can become stranded

Kalkuhl, M., Steckel, J. C., Edenhofer, O. (2020): All or nothing: Climate policy when assets can become stranded. - Journal of Environmental Economics and Management, 100, 102214.
https://doi.org/10.1016/j.jeem.2019.01.012

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 Urheber:
Kalkuhl, M.1, Autor
Steckel, Jan Christoph2, Autor              
Edenhofer, Ottmar2, Autor              
Affiliations:
1External Organizations, ou_persistent22              
2Potsdam Institute for Climate Impact Research, ou_persistent13              

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 Zusammenfassung: This paper develops a new perspective on stranded assets in climate policy using a partial equilibrium model of the energy sector. Political-economy related aspects are considered in the government's objective function. Lobbying power of firms or fiscal considerations by the government lead to time inconsistency: The government will deviate from a previously announced carbon tax which creates stranded assets. Under rational expectations, we show that a time-consistent policy outcome exists with either a zero carbon tax or a prohibitive carbon tax that leads to zero fossil investments – an “all-or-nothing” policy. Although stranded assets are crucial to such a bipolar outcome, they disappear again under time-consistent policy. Which of the two outcomes (all or nothing) prevails depends on the lobbying power of owners of fixed factors (land and fossil resources) but not on fiscal revenue considerations or on the lobbying power of renewable or fossil energy firms.

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 Datum: 2020-03
 Publikationsstatus: Final veröffentlicht
 Seiten: -
 Ort, Verlag, Ausgabe: -
 Inhaltsverzeichnis: -
 Art der Begutachtung: Expertenbegutachtung
 Identifikatoren: DOI: 10.1016/j.jeem.2019.01.012
PIKDOMAIN: RD3 - Transformation Pathways
PIKDOMAIN: Director / Executive Staff / Science & Society
eDoc: 8580
Organisational keyword: RD3 - Transformation Pathways
Organisational keyword: Director Edenhofer
Research topic keyword: Climate Policy
Research topic keyword: Economics
Research topic keyword: Policy Advice
Research topic keyword: Carbon Pricing
Research topic keyword: Global Commons
 Art des Abschluß: -

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Titel: Journal of Environmental Economics and Management
Genre der Quelle: Zeitschrift, SCI, Scopus
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Seiten: - Band / Heft: 100 Artikelnummer: 102214 Start- / Endseite: - Identifikator: Anderer: Elsevier
Anderer: 1096-0449
ISSN: 0095-0696
CoNE: https://publications.pik-potsdam.de/cone/journals/resource/journal-of-environmental-economics-and-management
Publisher: Elsevier