Research and development of a backstop energy technology in a growing economy

D. F. Spulber

doi:10.1016/0140-9883(80)90012-2

Research and development of a backstop energy technology in a growing economy

D. F. Spulber^*

^*Corresponding author for this work

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Research output: Contribution to journal › Article › peer-review

7 Scopus citations

Abstract

The sequential search for a backstop energy technology is examined using an optimal growth model with an exhaustible energy resource. It is assumed that an economic planner periodically reviews the outcomes of a stochastic R&D process. A stopping rule for R&D is obtained in terms of a minimum acceptable quality level for the innovation. The dependence of the quality standard upon capital and natural resource stocks and on the state of basic research is analysed.

Original language	English (US)
Pages (from-to)	199-207
Number of pages	9
Journal	Energy Economics
Volume	2
Issue number	4
DOIs	https://doi.org/10.1016/0140-9883(80)90012-2
State	Published - 1980

ASJC Scopus subject areas

Economics and Econometrics
General Energy

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abstract = "The sequential search for a backstop energy technology is examined using an optimal growth model with an exhaustible energy resource. It is assumed that an economic planner periodically reviews the outcomes of a stochastic R&D process. A stopping rule for R&D is obtained in terms of a minimum acceptable quality level for the innovation. The dependence of the quality standard upon capital and natural resource stocks and on the state of basic research is analysed.",

author = "Spulber, {D. F.}",

note = "Funding Information: The research on which this paper is based was supported by the US National Science Foundation, Grant Nos SOC 7520953 and SOC 7997201. I have benefitted from discussions with Dale Mortensen, Sidney Deshmukh and Erhan Cinlar.",

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PY - 1980

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N2 - The sequential search for a backstop energy technology is examined using an optimal growth model with an exhaustible energy resource. It is assumed that an economic planner periodically reviews the outcomes of a stochastic R&D process. A stopping rule for R&D is obtained in terms of a minimum acceptable quality level for the innovation. The dependence of the quality standard upon capital and natural resource stocks and on the state of basic research is analysed.

AB - The sequential search for a backstop energy technology is examined using an optimal growth model with an exhaustible energy resource. It is assumed that an economic planner periodically reviews the outcomes of a stochastic R&D process. A stopping rule for R&D is obtained in terms of a minimum acceptable quality level for the innovation. The dependence of the quality standard upon capital and natural resource stocks and on the state of basic research is analysed.

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ER -

Research and development of a backstop energy technology in a growing economy

Abstract

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