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- W3125931209 abstract "Induced innovation theory suggests that a change in relative input prices will result in a substitution effect not only toward cheaper alternatives, but toward innovative activity that will lead to new alternatives. Here we test whether the same holds true for output prices: does innovation in the oil and gas sector respond positively to a rise in energy prices? We model the share of total granted U.S. patents that are related to oil and gas as a function of expected future commodity prices, production levels of each commodity and previous innovations (or stocks of knowledge). We find a significant, positive and highly elastic correlation between expected commodity prices and innovation." @default.
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- W3125931209 date "2019-12-01" @default.
- W3125931209 modified "2023-09-23" @default.
- W3125931209 title "More where that came from: Induced innovation in the american oil and gas sectors" @default.
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- W3125931209 doi "https://doi.org/10.1016/j.resourpol.2019.101451" @default.
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