The authors thank Andreas Ehrenmann, Sauleh Siddiqui, Nikolay Tchakarov, and conference and seminar participants at Grenoble Ecole de Management, HEC Paris (L’Ecole des Hautes Etudes Commerciales de Paris), ESSEC Business School (L’Ecole Supérieure des Sciences Economiques et Commerciales), Mines Paris-PSL (Université Paris Sciences & Lettres), and the IAEE 2022 (International Association for Energy Economics) for helpful feedback and comments on this work. The authors also thank two anonymous referees, the associate editor, and the department editor for excellent reviews of this works that strongly enhanced its quality and impact. The opinions expressed in this paper are those of the authors alone and do not necessarily represent the views of any organization.