Environmental and Technology Policy Options in the Electricity Sector: Are We Deploying Too Many?
研究了电力行业多种减排政策（如可再生能源补贴、能效激励）的叠加效果，发现排放定价仍是成本效益最高的减排手段，而技术导向政策虽可减少福利再分配，但过度部署可能降低福利。
Myriad policy measures aim to reduce greenhouse gas emissions from the electricity sector, promote generation from renewable sources, and encourage energy efficiency (EE). Prior literature has argued that overlapping policies reduce the efficiency of emissions markets, absent other market failures. We extend the model of Fischer and Newell to incorporate knowledge spillovers for both advanced and conventional renewable energy technologies, as well as imperfections in demand for EE investments. EE undervaluation can justify interventions and raises the importance of fully pricing the social costs of electricity, making policies (like renewable subsidies) that lower electricity prices less desirable. Innovation market failures justify some technology policies, particularly correcting R&D incentives, but aggressive deployment policies seem unlikely to enhance welfare when placed alongside sufficient emissions pricing. Even with multiple market failures, emissions pricing remains the most cost-effective option for reducing emissions. However, technology-oriented policies can involve less redistribution of surplus.