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http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/79445 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/79445 http://eprints.org/relation/isIndexCodesVersionOf https://pure.iiasa.ac.at/id/document/79445 archive 5 disk0/00/01/39/88 2016-11-25 09:49:36 2021-08-27 17:41:39 2016-11-25 09:49:36 article show Rezai A. 8648 van der Ploeg F. pub prog_risk prog_rpv First best; Second best; Commitment; Markov-perfect; Ramsey growth; Carbon tax; Renewables subsidy; Learning by doing; Directed technical change Climate change must deal with two market failures: global warming and learning by doing in renewable energy production. The first-best policy consists of an aggressive renewables subsidy in the near term and a gradually rising and falling carbon tax. Given that global carbon taxes remain elusive, policy makers might have to rely on a second-best subsidy only. With credible commitment the second-best subsidy is higher than the social benefit of learning to cut the transition time and peak warming close to first-best levels at the cost of higher fossil fuel use in the short run (weak Green Paradox). Without commitment the second-best subsidy is set to the social benefit of learning. It generates smaller weak Green Paradox effects, but the transition to the carbon-free takes longer and cumulative carbon emissions are higher. Under first best and second best with pre-commitment peak warming is 2.1–2.3 ∘C, under second best without commitment 3.5 ∘C, and without any policy 5.1 ∘C above pre-industrial levels. Not being able to commit yields a welfare loss of 95% of initial GDP compared to first best. Being able to commit brings this figure down to 7%. 2017-03 published Springer Netherlands 10.1007/s10640-016-0086-3 248 public Environmental and Resource Economics 66 3 409-434 TRUE 0924-6460 FALSE no info:eu-repo/semantics/article