Modeling endogenous technological change for climate policy analysis |
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Authors: | Kenneth Gillingham Richard G. Newell William A. Pizer |
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Affiliation: | aStanford University, Stanford, CA 94305, USA;bDuke University, Nicholas School of Environment, Box 90227, Durham, NC 27708, USA;cResources for the Future, 1616 P St, NW, Washington, DC 20036, USA;dNational Bureau of Economic Research, 1050 Mass. Ave., Cambridge, MA 02138, USA |
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Abstract: | The approach used to model technological change in a climate policy model is a critical determinant of its results in terms of the time path of CO2 prices and costs required to achieve various emission reduction goals. We provide an overview of the different approaches used in the literature, with an emphasis on recent developments regarding endogenous technological change, research and development, and learning. Detailed examination sheds light on the salient features of each approach, including strengths, limitations, and policy implications. Key issues include proper accounting for the opportunity costs of climate-related knowledge generation, treatment of knowledge spillovers and appropriability, and the empirical basis for parameterizing technological relationships. No single approach appears to dominate on all these dimensions, and different approaches may be preferred depending on the purpose of the analysis, be it positive or normative. |
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Keywords: | Exogenous Technology R& D Learning Induced |
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