Breakthrough renewables and the green paradox
We show how a monopolistic owner of oil reserves responds to a carbon-free substitute becoming available at some uncertain point in the future if demand is isoelastic and variable extraction costs are zero but upfront exploration investment costs have to be made. Not the arrival of this substitute m...
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| Формат: | Working paper |
| Хэвлэсэн: |
University of Oxford
2012
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