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Diskussionspapiere 1886 / 2020

Is Substitutability the New Efficiency? Endogenous Investment in the Elasticity of Substitution between Clean and Dirty Energy

When analyzing potential ways to counter climate change, standard models of green growth abstract from investment in substitutability between “clean” and “dirty” energy inputs. Instead, they rely on the assumption that efficiency with respect to fossil fuels can be increased perpetually. However, this is not in line with observed firm investment behavior and the limits to efficiency imposed by thermodynamic ...

2020| Fabian Stöckl
Diskussionspapiere 1885 / 2020

Substituting Clean for Dirty Energy: A Bottom-Up Analysis

We fit CES and VES production functions to data from a numerical bottom-up optimization model of electricity supply with clean and dirty inputs. This approach allows for studying high shares of clean energy not observable today and for isolating mechanisms that impact the elasticity of substitution between clean and dirty energy. Central results show that (i) dirty inputs are not essential for production. ...

2020| Fabian Stöckl, Alexander Zerrahn
Diskussionspapiere 1784 / 2019

What Determines the Elasticity of Substitution between Capital and Labor? A Literature Review

This paper provides the first comprehensive review of the empirical and theoretical literature on the determinants of the elasticity of substitution between capital and labor. Our focus is on the two-input constant elasticity of substitution (CES) production function. By example of the U.S., we highlight the distinctive heterogeneity in empirical estimates of σ at both the aggregate and industrial ...

2019| Michael Knoblach, Fabian Stöckl
Externe referierte Aufsätze

What Determines the Elasticity of Substitution between Capital and Labor? A Literature Review

This paper provides the first comprehensive review of the empirical and theoretical literature on the determinants of the elasticity of substitution between capital and labor. Our focus is on the two-input constant elasticity of substitution (CES) production function. We start by presenting four concise observations that summarize the empirical literature on the estimation of σ. Motivated by these observations, ...

In: Journal of Economic Surveys (2020), im Ersch. [online first: 2020-06-08] | Michael Knoblach, Fabian Stöckl
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