of renewables, stock-dependent oil extraction costs and convex climate damages. Weconcentrate on economies with an … plus scarcity rent and social cost of carbon) below thatof renewables. There are then two regimes. If the oil stock is … small, the social optimum path consists of aninitial oil-only phase followed by a renewables-only phase. With a lower cost …

A small open economy produces a consumer good along with green and black energy and imports fossil fuel for black-energy … prudence), an efficient response to increasing risk is promoting green energy and reducing total energy production. Unregulated … neutral producers, taxing both fossil fuel and green energy restores efficiency. -- Price uncertainty ; black energy ; green …

A small open economy produces a consumer good, green and black energy, and imports fossil fuel at an uncertain price … risk, to risk shifting and the uniform price for both types of energy. Under the plausible assumptions that consumers are … prudent and at least as risk averse as the producers of black energy, the risk can be efficiently managed by taxing emissions …

of a scarce fossil energy resource like oil in a two country, two period general equilibrium model with symmetric and … carbon taxation. We employ a numerical simulation and a sensitivity analysis with regard to the model parameters to evaluate …