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An Analysis of the U.S. Department of Energy's Civilian R & D Budget

The Department of Energy's R&D budget has experienced major changes in funding during the last two administrations. These changes are explained by administration policies that are based on perceived conditions of market failure. Government funding of R&D can be supported on grounds of externalities, public goods and the absence of national contingency markets. Such funding cannot be justified on grounds of being long-term or high-risk. A portfolio model offers insights as to the appropriate definition of risk, a social discount rate and a balanced portfolio of R&D projects.

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Energy Specializations: Energy Investment and Finance – Public and Private Risks, Risk Management; Energy and the Economy – Energy as a Productive Input; Energy and the Economy –Economic Growth and Energy Demand; Energy and the Economy – Resource Endowments and Economic Performance; Energy and the Economy – Energy Shocks and Business Cycles

JEL Codes: Q42: Alternative Energy Sources, Q40: Energy: General

Keywords: US department of Energy, Civilian R&D budget, Economic analysis

DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No1-5

Published in Volume 10, Number 1 of the bi-monthly journal of the IAEE's Energy Economics Education Foundation.


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