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When Starting with the Most Expensive Option Makes Sense: Optimal Timing, Cost and Sectoral Allocation of Abatement Investment
[report]
2018
unpublished
JEL classification: Q54 Q52 Q58 Keywords: Climate change mitigation Transition to clean capital Path dependence Social cost of carbon Marginal abatement cost Timing a b s t r a c t This paper finds that it is optimal to start a long-term emission-reduction strategy with significant short-term abatement investment, even if the optimal carbon price starts low and grows progressively over time. Moreover, optimal marginal abatement investment costs differ across sectors of the economy. It may be
doi:10.18235/0001014
fatcat:5tksru25zrecpgvwmnzzrvgk7m