期刊名称：CORE Discussion Papers / Center for Operations Research and Econometrics (UCL), Louvain
出版年度：2009
卷号：1
出版社：Center for Operations Research and Econometrics (UCL), Louvain
摘要：We develop a general equilibrium multi-sector vintage capital model with energysaving
technological progress and an explicit energy market to study the impact of
investment subsidies on investment and output. Energy and capital are assumed to
be complementary in the production process. New machines are less energy
consuming and scrapping is endogenous. The intermediate inputs sector is
modelled ¨¤ la Dixit-Stiglitz (1977). Two polar market structures are considered for
the energy market, free entry and natural monopoly. The impact of imperfect
competition on the outcomes of the decentralized equilibria are deeply
characterized. We identify an original paradox: adoption subsidies may induce a
larger investment into cleaner technologies either under free entry or natural
monopoly. However, larger diffusion rates do not necessarily mean lower energy
consumption at equilibrium, which may explain certain empirical puzzles.
