Abstract
Carbon taxes have other effects in addition to their possible impact on global warming. When research and development (R&D) has positive external effects, carbon taxes can help to correct for such effects by providing incentives for R&D in particular directions. If authorities cannot distinguish between different R&D types, the standard corrective subsidies cannot be implemented, thereby creating an additional role for a carbon tax. Copyright 1994 by The editors of the Scandinavian Journal of Economics.
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