Valuing the Wind: Renewable Energy Policies and Air Pollution Avoided
利用风力涡轮机每小时发电量的变化，量化了可再生电力对污染的边际影响异质性，发现不同可再生能源（如风电与太阳能）的边际外部效益不同，为政策设计提供依据。
Exploiting variation in the hourly production from wind turbines, this paper quantifies the heterogeneity in the marginal impact of renewable electricity on pollution. The results reveal that output from competing renewable capacity additions—e.g., wind turbines versus solar panels—provide different marginal external benefits. This finding suggests that, if governments continue to subsidize renewables, an emphasis should be placed on designing policies that internalize the heterogeneous benefits. More generally, my results highlight that, by incorrectly assuming renewable electricity is a homogenous good, we will understate the relative efficiency of the first-best pollution prices.