英文文献:Irreversible Abatement Investment Under Cost Uncertainties: Tradable Emission Permits And Emissions Charges-成本不确定性下的不可逆减排投资:可交易排放许可证和排放收费
英文文献作者:Zhao, Jinhua
英文文献摘要:
A major concern with TEPs is that stochastic permit prices may discourage abatement investment relative to other policies such as a fixed emissions charge. However, the price uncertainty is fundamentally caused by abatement cost uncertainties, which affect investment under both policies. We develop a rational expectations general equilibrium model of permit trading to show how uncertainty reduces investment. Differences between the two policies can be decomposed into a general equilibrium effect and a price-vs-quantity effect. Except for the curvature of the payoff functions, uncertainties reduce both effects: tradable permits in fact helps maintain firms' investment incentives under uncertainty.
关于临界排放权的一个主要问题是,随机许可价格可能阻碍与其他政策(如固定排放费)相比的减少排放投资。然而,价格的不确定性从根本上是由消减成本的不确定性引起的,消减成本的不确定性影响着两种政策下的投资。我们开发了一个许可交易的理性预期一般均衡模型来显示不确定性如何减少投资。两种政策之间的差异可以分解为一般均衡效应和价格与数量效应。除了收益函数的曲率,不确定性降低了这两种影响:可交易的许可实际上有助于保持不确定性下企业的投资激励。