气候变化领域集成服务门户(CCPortal): The impact of feed-in tariff degression on R&D investment in renewable energy: The case of the solar PV industry

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DOI	10.1016/j.enpol.2021.112209
	The impact of feed-in tariff degression on R&D investment in renewable energy: The case of the solar PV industry
	Ma R.; Cai H.; Ji Q.; Zhai P.
发表日期	2021
ISSN	03014215
卷号	151
英文摘要	Feed-in tariff (FIT) is a broadly used policy instrument around the world, in which the payment level is always designed to decline gradually in order to track and encourage technological improvement in renewable energy. However, the potential adverse effects of tariff degression on renewable energy research and development (R&D) investment have not been sufficiently addressed. In this paper, we explore the impact of FIT payment degression on renewable energy R&D investment and analyze the efficient FIT payment structure for R&D investment. We form a modeling framework that captures the dynamics of FIT payment levels and the inventor's strategic reactions to tariff changes. In this framework, we model the inventor's optimal R&D investment decisions based on the canonical real option approach and simulate the impact of FIT payment degression on R&D investment and the efficient FIT payment structure under different R&D characteristics using the case of the solar photovoltaic (PV) industry. Our results emphasize the adverse effect of tariff degression on the commercial value of new renewable technology and hence the inventor's incentive in R&D investment, especially when facing more technical uncertainty and financial constraints. Our model could help policymakers to design an efficient FIT payment structure through which the cost of the FIT program is restricted to a minimum level but without influencing the inventor's R&D investment decisions. © 2021 Elsevier Ltd
关键词	Degression rate Feed-in tariff R&D investment Renewable energy
英文关键词	Energy policy; Financial constraints; Investment decisions; Policy instruments; Real option approaches; Renewable technology; Solar photovoltaics; Solar pv industries; Technological improvements; Investments; alternative energy; canonical analysis; energy policy; investment; photovoltaic system; research and development; solar power
语种	英语
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/205235
作者单位	School of Business, Macau University of Science and Technology, Avenida Wai Long, Taipa, Macao, China; Institutes of Science and Development, Chinese Academy of Sciences, Beijing, 100190, China; School of Public Policy and Management, University of Chinese Academy of Sciences, Beijing, 100049, China; Business School, Central South University, Changsha, Hunan Province 10083, China
推荐引用方式 GB/T 7714	Ma R.,Cai H.,Ji Q.,et al. The impact of feed-in tariff degression on R&D investment in renewable energy: The case of the solar PV industry[J],2021,151.
APA	Ma R.,Cai H.,Ji Q.,&Zhai P..(2021).The impact of feed-in tariff degression on R&D investment in renewable energy: The case of the solar PV industry.Energy Policy,151.
MLA	Ma R.,et al."The impact of feed-in tariff degression on R&D investment in renewable energy: The case of the solar PV industry".Energy Policy 151(2021).