An evolving risk perspective for policy instrument choice in sustainability transitions

Environmental Innovation and Societal Transitions - Tập 35 - Trang 369-382 - 2020
Lena Kitzing1, Oscar Fitch-Roy2, Marco Islam3, Catherine Mitchell2
1Energy Economics and Regulation Group, DTU Management Engineering, Technical University of Denmark, Produktionstorvet 426, 2800, Kgs. Lyngby, Denmark
2Energy Policy Group, University of Exeter Cornwall Campus, Treliever Road, Penryn, TR109 EZ, United Kingdom
3Department of Economics, Lund University School of Economics and Management, Tycho Brahes väg 1, 22363, Lund, Sweden

Tài liệu tham khảo

Acemoglu, 2015, Systemic risk and stability in financial networks, Am. Econ. Rev., 105, 564, 10.1257/aer.20130456 Acharya, 2012, Cash holdings and credit risk, Rev. Financ. Stud., 25, 3572, 10.1093/rfs/hhs106 Bailey, 2003 Baldursson, 2004, Price volatility and risk exposure: on market-based environmental policy instruments, J. Environ. Econ. Manage., 48, 682, 10.1016/j.jeem.2003.06.004 Biglaiser, 1995, Dynamic pollution regulation, J. Regul. Econ., 8, 33, 10.1007/BF01066598 BMU, 2018 BMWI, 2017 BNA, 2018 BNA, 2018 Bolton, 2015, A socio-technical perspective on low carbon investment challenges - insights for UK energy policy, Environ. Innov. Soc. Trans., 14, 165, 10.1016/j.eist.2014.07.005 Boomsma, 2012, Renewable energy investments under different support schemes: a real options approach, Eur. J. Oper. Res., 220, 225, 10.1016/j.ejor.2012.01.017 Bris, 2006, The costs of bankruptcy: chapter 7 liquidation versus chapter 11 reorganization, J. Finance LXI, 1253, 10.1111/j.1540-6261.2006.00872.x Butler, 2008, Comparison of feed-in tariff, quota and auction mechanisms to support wind power development, Renew. Energy, 33, 1854, 10.1016/j.renene.2007.10.008 Butler, 2015, Public values for energy futures: framing, indeterminacy and policy making, Energy Policy, 87, 665, 10.1016/j.enpol.2015.01.035 Cropper, 1992, Environmental economics: a survey, J. Econ. Lit., 30, 675 Dasgupta, 2002, Modern economics and its critics, 57 del Río, 2014, Back to the future? Rethinking auctions for renewable electricity support, Renew. Sustain. Energy Rev., 35, 42, 10.1016/j.rser.2014.03.039 Del Río, 2014, The policy implications of the different interpretations of the cost-effectiveness of renewable electricity support, Energy Policy, 64, 364, 10.1016/j.enpol.2013.08.096 Dixit, 1996 Dóci, 2016, When energy policy meets community: rethinking risk perceptions of renewable energy in Germany and the Netherlands, Energy Res. Soc. Sci., 22, 26, 10.1016/j.erss.2016.08.019 Eberhard, 2017, Accelerating investments in power in sub-Saharan Africa, Nat. Energy, 2 Edenhofer, 2012 Erdmann, 2007, Time strategies in innovation policy, 978 Finon, 2004, The static and dynamic efficiency of instruments of promotion of renewables, Energy Stud. Rev., 12, 53 Finon, 2007, The social efficiency of instruments of promotion of renewable energies: a transaction-cost perspective, Ecol. Econ., 62, 77, 10.1016/j.ecolecon.2006.05.011 Fitch-Roy, 2018 Frondel, 2010, Economic impacts from the promotion of renewable energy technologies: the German experience, Energy Policy, 38, 4048, 10.1016/j.enpol.2010.03.029 Gawel, 2017, Rationales for technology-specific RES support and their relevance for German policy, Energy Policy, 102, 16, 10.1016/j.enpol.2016.12.007 Geels, 2002, Technological transitions as evolutionary recongifuration processes: a multi-level perspective and a case study, Res. Policy, 31, 1257, 10.1016/S0048-7333(02)00062-8 Geels, 2004, From sectoral systems of innovation to socio-technical systems, Res. Policy, 33, 897, 10.1016/j.respol.2004.01.015 Geels, 2010, Ontologies, socio-technical transitions (to sustainability), and the multi-level perspective, Res. Policy, 39, 495, 10.1016/j.respol.2010.01.022 Geels, 2011, The multi-level perspective on sustainability transitions: responses to seven criticisms, Environ. Innov. Soc. Transitions, 1, 24, 10.1016/j.eist.2011.02.002 González-Eguino, 2016 Griffin, 1991, The welfare analytics of transaction costs, externalities, and institutional choice, Am. J. Agric. Econ., 73, 601, 10.2307/1242813 Gross, 2010, Risks, revenues and investment in electricity generation: why policy needs to look beyond costs, Energy Econ., 32, 796, 10.1016/j.eneco.2009.09.017 Grubb, 2017, On order and complexity in innovations systems: conceptual frameworks for policy mixes in sustainability transitions, Energy Res. Soc. Sci., 33, 21, 10.1016/j.erss.2017.09.016 Haas, 2011, Efficiency and effectiveness of promotion systems for electricity generation from renewable energy sources – lessons from EU countries, Energy, 36, 2186, 10.1016/j.energy.2010.06.028 Hahn, 1989, Economic prescriptions for environmental problems: how the patient followed the doctor’s orders, J. Econ. Perspect., 3, 95, 10.1257/jep.3.2.95 Hanger, 2016 Hansen, 2013, Transnational linkages and sustainable transitions in emerging countries: exploring the role of donor interventions in niche development, Environ. Innov. Soc. Trans., 8, 1, 10.1016/j.eist.2013.07.001 Held, 2009 Hoff, 2001, Modern economic theory and development, 389 Howlett, 2009, Governance modes, policy regimes and operational plans: a multi-level nested model of policy instrument choice and policy design, Policy Sci., 42, 73, 10.1007/s11077-009-9079-1 IEA-PVPS, 2014 Jacobsson, 2006, The politics and policy of energy system transformation - explaining the German diffusion of renewable energy technology, Energy Policy, 34, 256, 10.1016/j.enpol.2004.08.029 Jaffe, 2003, Technological change and the environment, 461, 10.1016/S1574-0099(03)01016-7 Jäger-Waldau, 2017, Snapshot of photovoltaics-March 2017, Sustainability, 9, 1, 10.3390/su9050783 Jamasb, 2007 Jaraitė, 2013, The profitability of electricity generating firms and policies promoting renewable energy, Energy Econ., 40, 858, 10.1016/j.eneco.2013.10.001 Johnstone, 2010, Renewable energy policies and technological innovation: evidence based on patent counts, Environ. Resour. Econ., 45, 133, 10.1007/s10640-009-9309-1 Joskow, 2004 Joskow, 2007, Reliability and competitive electricity markets, Rand J. Econ., 38, 60, 10.1111/j.1756-2171.2007.tb00044.x Just, 2004 Kahneman, 1979, Prospect theory: an analysis of decision under risk, Econometrica, 47, 263, 10.2307/1914185 Kemp, 1998, Regime shifts to sustainability through processes of niche formation: the approach of strategic niche management, Technol. Anal. Strateg. Manag., 10, 175, 10.1080/09537329808524310 Kemp, 2001, Constructing transition paths through the management of niches, 269 Kitzing, 2014, Risk implications of renewable support instruments: comparative analysis of feed-in tariffs and premiums using a mean-variance approach, Energy, 64, 10.1016/j.energy.2013.10.008 Kitzing, 2014, Achieving energy transitions: which RES policies are best applied when? Reducing risk and creating an enabling environment, Energy Transitions. International Conference Kitzing, 2012, Renewable energy policies in Europe: converging or diverging?, Energy Policy, 51, 192, 10.1016/j.enpol.2012.08.064 Klessmann, 2008, Pros and cons of exposing renewables to electricity market risks—a comparison of the market integration approaches in Germany, Spain, and the UK, Energy Policy, 36, 3646, 10.1016/j.enpol.2008.06.022 Knight, 1921 Kydland, 1977, Rules rather than discretion: the inconsistency of optimal plans, J. Polit. Econ., 85, 473, 10.1086/260580 Laffont, 1993 Lauber, 2016, the politics and economics of constructing, contesting and restricting socio-political space for renewables - the German renewable energy act, Environ. Innov. Soc. Transitions, 18, 147, 10.1016/j.eist.2015.06.005 Leach, 2010, Governing epidemics in an age of complexity: narratives, politics and pathways to sustainability, Glob. Environ. Change, 20, 369, 10.1016/j.gloenvcha.2009.11.008 Lehmann, 2012, Justifying a policy mix for pollution control: a review of economic literature, J. Econ. Surv., 26, 71, 10.1111/j.1467-6419.2010.00628.x Leiren, 2018, Historical institutionalist perspective on the shift from feed-in tariffs towards auctioning in German renewable energy policy, Energy Res. Soc. Sci., 10.1016/j.erss.2018.05.022 Lieu, 2018, Evaluating consistency in environmental policy mixes through policy, stakeholder, and contextual interactions, Sustainability, 10, 1896, 10.3390/su10061896 MacKenzie, 2007 Marcantonini, 2013 Markard, 2016, Socio-technical transitions and policy change - advocacy coalitions in Swiss energy policy, Environ. Innov. Soc. Transitions, 18, 215, 10.1016/j.eist.2015.05.003 Menanteau, 2003, Prices versus quantities: choosing policies for promoting the development of renewable energy, Energy Policy, 31, 799, 10.1016/S0301-4215(02)00133-7 Michelez, 2011 Miller, 2013 Mitchell, 2006, Effectiveness through risk reduction: a comparison of the renewable obligation in England and Wales and the feed-in system in Germany, Energy Policy, 34, 297, 10.1016/j.enpol.2004.08.004 Modigliani, 1958, The cost of capital, corporation finance and the theory of investment, Am. Econ. Rev., 48, 261 Neuteleers, 2015, Talking money: how market-based valuation can undermine environmental protection, Ecol. Econ., 117, 253, 10.1016/j.ecolecon.2014.06.022 Newell, 2003, Regulating stock externalities under uncertainty, J. Environ. Econ. Manag., 45, 416, 10.1016/S0095-0696(02)00016-5 Newman, 2008, Optimality and efficiency Nicolini, 2017, Are renewable energy subsidies effective? Evidence from Europe, Renew. Sustain. Energy Rev., 74, 412, 10.1016/j.rser.2016.12.032 Nill, 2004, Time strategies of transitions and the transformed role of subsidies as environmental innovation policy, 295 Nill, 2009, Evolutionary approaches for sustainable innovation policies: from niche to paradigm?, Res. Policy, 38, 668, 10.1016/j.respol.2009.01.011 Nordensvärd, 2015, The stuttering energy transition in Germany: wind energy policy and feed-in tariff lock-in, Energy Policy, 82, 156, 10.1016/j.enpol.2015.03.009 Pineda, 2018, Renewable generation expansion under different support schemes: a stochastic equilibrium approach, Eur. J. Oper. Res., 266, 1086, 10.1016/j.ejor.2017.10.027 Pizer, 1999, The optimal choice of climate change policy in the presence of uncertainty, Resour. Energy Econ., 21, 255, 10.1016/S0928-7655(99)00005-6 Ragwitz, 2006 Ragwitz, 2011 Ramesohl, 2002, Voluntary agreements - an effective tool for enhancing organisational learning and improving climate policy-making?, 341 Renn, 2009, Inclusive risk governance: concepts and application to environmental policy making, Environ. Policy Gov., 19, 174, 10.1002/eet.507 Riesz, 2013, Market design for the integration of variable generation, 757 Roberts, 1976, Effluent charges and licenses under uncertainty, J. Public Econ., 5, 193, 10.1016/0047-2727(76)90014-1 Rogge, 2016, Policy mixes for sustainability transitions: an extended concept and framework for analysis, Res. Policy, 45, 1620, 10.1016/j.respol.2016.04.004 Rogge, 2017, Conceptual and empirical advances in analysing policy mixes for energy transitions, Energy Res. Soc. Sci., 33, 1, 10.1016/j.erss.2017.09.025 Rothschild, 1978, Equilibrium in competitive insurance markets: an essay on the economics of imperfect information, 257 Rotmans, 2001, More evolution than revolution: transition management in public policy, Foresight, 3, 15, 10.1108/14636680110803003 Rugman, 1998, Corporate strategies and environmental regulations: an organizing framework, Strateg. Manag. J., 19, 363, 10.1002/(SICI)1097-0266(199804)19:4<363::AID-SMJ974>3.0.CO;2-H Safarzyńska, 2012, Evolutionary theorizing and modeling of sustainability transitions, Res. Policy, 41, 1011, 10.1016/j.respol.2011.10.014 Schmidt, 2018, Measuring the temporal dynamics of policy mixes – an empirical analysis of renewable energy policy mixes’ balance and design features in nine countries, Res. Policy Schot, 2008, Strategic niche management and sustainable innovation journeys: theory, findings, research agenda, and policy, Technol. Anal. Strateg. Manag., 20, 537, 10.1080/09537320802292651 Simkins, 2013 Smith, 2012, What is protective space? Reconsidering niches in transitions to sustainability, Res. Policy, 41, 1025, 10.1016/j.respol.2011.12.012 Söderholm, 2006, Wind power in Europe: a simultaneous innovation–diffusion model, Environ. Resour. Econ., 36, 163, 10.1007/s10640-006-9025-z Stern, 2007 Stirling, 1998, Risk at a turning point?, J. Risk Res., 1, 97, 10.1080/136698798377204 Stirling, 2008, Science, precaution, and the politics of technological risk: converging implications in evolutionary and social scientific perspectives, Ann. N. Y. Acad. Sci., 1128, 95, 10.1196/annals.1399.011 Tarui, 2005, Environmental regulation with technology adoption, learning and strategic behavior, J. Environ. Econ. Manage., 50, 447, 10.1016/j.jeem.2005.01.004 Timmons, 2016, Decarbonizing residential building energy: a cost-effective approach, Energy Policy, 92, 382, 10.1016/j.enpol.2016.02.030 Ueckerdt, 2013, System LCOE: what are the costs of variable renewables?, SSRN Electron. J., 1 Voß, 2014, Instrument constituencies and the supply side of policy innovation: the social life of emissions trading, Environ. Polit., 23, 735, 10.1080/09644016.2014.923625 Weber, 2012, Legitimizing research, technology and innovation policies for transformative change, Res. Policy, 41, 1037, 10.1016/j.respol.2011.10.015 Weiss, 2012 Weitzman, 1974, Prices vs. Quantities, Rev. Econ. Stud., 41, 477, 10.2307/2296698 Weitzman, 1978, Optimal rewards for economic regulation, Am. Econ. Rev., 68, 683 Williamson, 1975 Williamson, 2000, The new institutional economics: taking stock, looking ahead, J. Econ. Lit., 38, 595, 10.1257/jel.38.3.595 Winkler, 2016, Impact of renewables on electricity markets - do support schemes matter?, Energy Policy, 93, 157, 10.1016/j.enpol.2016.02.049 Winkler, 2018, Effectiveness and efficiency of auctions for supporting renewable electricity – what can we learn from recent experiences?, Renew. Energy, 119, 473, 10.1016/j.renene.2017.09.071 Wirth, 2018