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A distortion from a high or low prices level can enchain a potentially reinforcing loop leading to a fall, or rise, in prices, respectively. Policy credibility plays a major role in how actors react to a distortion. The theoretical hypothesis is complemented by two examples: the introduction of the MSR as an example of increased commitment to climate targets and the current energy crisis, as an example of a potential shock. Following studies highlighting the importance of climate policy credibility for an acting private sector 13 , 69 , we assume actors foresight depends on policy credibility.

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