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School of Economics and Business, Norwegian University of Life Sciences Working Paper Series, School of Economics and Business, Norwegian University of Life Sciences

No 09-2017:
Environmental Policy and the Direction of Technical Change

Mads Greaker, Tom-Reiel Heggedal () and Knut Einar Rosendahl

Abstract: Should governmentsdirectR&Dfrom"dirty"into"clean"technologies?Howim- portantisthiscomparedtocarbonpricing?Weinquireintothis,introducingtwo noveltiescomparedtorecentliterature.WeintroducedecreasingreturnstoR&D,and allowfuturecarbontaxestoin‡uencecurrentR&Ddecisions.Ourresultssuggestthat governmentsshouldprioritizecleanR&D.Dealingwithmajorenvironmentalproblems requires R&Dtoshifttocleantechnology.However,whenmostresearchersworkwith clean technology,bothproductivityspilloversandfuturerisksofbeingreplacedin- crease. Consequently,thewedgebetweenprivateandsocialvalueofaninnovationis largest forcleantechnologies.

Keywords: environment; directedtechnologicalchange; innovationpolicy; (follow links to similar papers)

JEL-Codes: O30; O31; O33; (follow links to similar papers)

37 pages, December 7, 2017

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