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Full-Text Articles in Social and Behavioral Sciences
Resource Use Under Climate Stabilization: Can Nuclear Power Provide Clean Energy?, Ujjayant N. Chakravorty, Bertrand Magne, Michel Moreaux
Resource Use Under Climate Stabilization: Can Nuclear Power Provide Clean Energy?, Ujjayant N. Chakravorty, Bertrand Magne, Michel Moreaux
Ujjayant Chakravorty
The long-term goal of the Intergovernmental Panel on Climate Change (IPCC) is the stabilization of carbon concentration in the atmosphere. In this paper, we impose a carbon target concentration on a partial equilibrium model of the global energy sector. Specifically, we ask whether nuclear power can provide carbon-free energy as fossil fuel resources become costly due to scarcity and externality costs. We find that nuclear power can reduce the cost of generating clean energy significantly and relatively quickly. However, beyond a few decades the role of nuclear power may be considerably reduced as uranium becomes scarce and renewables become economical. …
Specialization And Non-Renewable Resources: Ricardo Meets Ricardo, Ujjayant N. Chakravorty, Darrell Krulce, James Roumasset
Specialization And Non-Renewable Resources: Ricardo Meets Ricardo, Ujjayant N. Chakravorty, Darrell Krulce, James Roumasset
Ujjayant Chakravorty
The one-demand Hotelling model fails to explain the observed specialization of nonrenewable resources. We develop a model with multiple demands and resources to show that specialization of resources according to demand is driven by Ricardian comparative advantage while the order of resource use over time is determined by Ricardian absolute advantage. An abundant resource with absolute advantage in all demands must be initially employed in all demands. When each resource has an absolute advantage in some demand, no resource may be used exclusively. The two-by-two model is characterized. Resource and demand-specific taxes are shown to have significant substitution effects.