We study clean energy production subsidies in a quantitative climate-economy model. Clean energy production subsidies decrease carbon emissions if and only if they lower the marginal product of dirty energy. The constrained-efficient production subsidy equals the marginal external cost of dirty...

We study clean energy subsidies in a quantitative climate-economy model. Clean en-ergy subsidies decrease carbon emissions if and only if they lower the marginal product of dirty energy. The constrained-efficient subsidy equals the marginal external cost of dirty energy multiplied by the...

We discuss reasons why traditional rural communities may be reluctant to voluntarily relinquish their access to land despite being compensated at market prices, thereby limiting the scope for reallocating land to more productive uses in agriculture or urban development. Owing to financial market...

We study clean energy subsidies in a quantitative climate-economy model. Clean energy subsidies decrease carbon emissions if and only if they lower the marginal product of dirty energy. The constrained-efficient subsidy equals the marginal external cost of dirty energy multiplied by the marginal...