期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2009
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：We develop a general equilibrium multi-sector vintage capital model with energy-
saving 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
¦Ìa 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 di.usion
rates do not necessarily mean lower energy consumption at equilibrium, which may
explain certain empirical puzzles.
