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Fueling the Innovative Process: Oil Prices and Induced Innovation in Automotive Energy-Efficient Technology
Daniel K. N. Johnson Colorado College - Department of Economics and Business Joseph M. Crabb Colorado College - Department of Economics and Business May 2007 Colorado College Working Paper No. 2007-04 Abstract: This paper tests the induced innovation hypothesis that higher oil prices will lead to increased innovation in energy-efficient automotive technology. We find robust empirical support for the hypothesis, while using various measures of oil and gas prices and controlling for other factors including constructed knowledge stocks and macroeconomic variables.
Keywords: induced innovation, patent, oil, gas, automobile, energy, JEL Classifications: O3, Q4, Q55 Working Paper SeriesDate posted: June 06, 2007 ; Last revised: June 06, 2007Suggested CitationContact Information
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