the following coal-only phase, and a flat carbon tax during the final renewables-only phase. The laissez-faire outcome … energy). Subsidizing renewables to just below the cost of coal does not affect the oil-only phase. The gain in green welfare … carbon tax a prohibitive coal tax leads to less oil left in situ and substantially delays introduction of renewables, but …

the following coal-only phase, and a flat carbon tax during the final renewables-only phase. The “laissez-faire” outcome … energy). Subsidizing renewables to just below the cost of coal does not affect the oil-only phase. The gain in green welfare … carbon tax a prohibitive coal tax leads to less oil left in situ and substantially delays introduction of renewables, but …

substantially. Subsidizing renewables to just below the cost of coal does not affect the oil-only phase. The gain in green welfare …Optimal climate policy is studied. Coal, the abundant resource, contributes more CO2 per unit of energy than the … exhaustible resource, oil. We characterize the optimal sequencing oil and coal and departures from the Herfindahl rule …

substantially. Subsidizing renewables to just below the cost of coal does not affect the oil-only phase. The gain in green welfare …Optimal climate policy is studied. Coal, the abundant resource, contributes more CO2 per unit of energy than the … exhaustible resource, oil. We characterize the optimal sequencing oil and coal and departures from the Herfindahl rule …

substantially. Subsidizing renewables to just below the cost of coal does not affect the oil-only phase. The gain in green welfare …Optimal climate policy is studied. Coal, the abundant resource, contributes more CO2 per unit of energy than the … exhaustible resource, oil. We characterize the optimal sequencing oil and coal and departures from the Herfindahl rule …

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 …

enhance welfare. If the backstop is relatively dirty and cheap (e.g., coal), there might be a period with simultaneous use of …

enhance welfare. If the backstop is relatively dirty and cheap (e.g., coal), there might be a period with simultaneous use of …

enhance welfare. If the backstop is relatively dirty and cheap (e.g., coal), there might be a period with simultaneous use of …