Distorted Time Preferences and Structural Change in the Energy Industry A Theoretical and Applied Environmental-Economic Analysis

This study contributes to the economic discounting debate by examining the welfare and policy implications of distorted time preferences for private investments. The analysis is applied to the energy industry, where it is of particular importance. In the transition to low-carbon energy generation, d...

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Main Author: Heinzel, Christoph
Corporate Author: SpringerLink (Online service)
Format: eBook
Language:English
Published: Heidelberg Physica-Verlag HD 2009, 2009
Edition:1st ed. 2009
Series:Sustainability and Innovation
Subjects:
Online Access:
Collection: Springer eBooks 2005- - Collection details see MPG.ReNa
Summary:This study contributes to the economic discounting debate by examining the welfare and policy implications of distorted time preferences for private investments. The analysis is applied to the energy industry, where it is of particular importance. In the transition to low-carbon energy generation, distorted time preferences are shown to induce a further distortion, in addition to that from the emission externality. Its extent varies directly with the time lag in capital accumulation. In order to implement the socially optimal path, environmental policy needs to be complemented by technology policy. The theoretical findings are applied to the upcoming structural change in the German electricity industry in the 2010s
Physical Description:XVI, 166 p online resource
ISBN:9783790821833