Emission Caps and Investment in Green Technologies

• 成果类型: Article
• 署名作者: Biais, Bruno; Landier, Augustin
• 署名单位: Hautes Etudes Commerciales (HEC) Paris
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454; 1465-7368
• DOI: 10.1093/rfs/hhag060
• 发表日期: 2026-09
• 页码: 2691-2728
• 关键词: Q54; Q55; Q58; H23; O33; Wind power; equilibrium; INNOVATION; MODEL; cost; path

摘要

We study the interaction between firms, which can invest in green technologies, and a government, which can impose emission caps but has limited commitment power. Investment in green technologies generates innovation spillovers, reducing the cost of further investments. Spillovers generate intertemporal strategic complementarities between firms and government, and equilibrium multiplicity. In a green equilibrium, firms, anticipating caps, invest in green technologies, which reduces the cost of further investment, making the government willing to cap emissions. In a brown equilibrium, firms, anticipating no caps, don't invest, so green technologies remain costly and the government gives up on emission caps.