RPS and FIT with Transaction Costs
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In 2012, Korea adopted RPS after having implemented FIT for 10 years since 2002. We show how the choice of policy between RPS and FIT affects firm’s choice of intermediate goods between a domestic and a foreign supplier, given the presence of transaction costs, When transaction costs are not sufficiently high, RPS is found to create a favorable environment for the domestic provider, which has comparative disadvantage initially, to be able to enter the market and to catch up with the foreign provider. The result implies that the Korean government’s decision to implement RPS was optimal, given Korea’s comparative disadvantage in green energy relative to major developed countries.
Abstract
In 2012, Korea adopted RPS after having implemented FIT for 10 years since 2002. We show how the choice of policy between RPS and FIT affects firm’s choice of intermediate goods between a domestic and a foreign supplier, given the presence of transaction costs, When transaction costs are not sufficiently high, RPS is found to create a favorable environment for the domestic provider, which has comparative disadvantage initially, to be able to enter the market and to catch up with the foreign provider. The result implies that the Korean government’s decision to implement RPS was optimal, given Korea’s comparative disadvantage in green energy relative to major developed countries.
참고문헌 (12)
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