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In this article we study the economics of the adoption and diffusion of cogeneration (CHP) systems. Based on microeconomic theoretical reasoning, we identify the main variables influencing the decision-making problem of firms that plan to adopt CHP technology, and how the adoption by other firms affects optimal adoption timing. We also consider CHP-related technical change, trends in the industries studied, field of application, and relevant framework conditions with a potential impact on CHP adoption and diffusion. In the descriptive analysis our focus is on industrial CHP systems in Switzerland (>1 MW e ), with particular emphasis on both the pulp and paper and the chemical industries.
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Madlener et al. (2004) studied this question.
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