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Induced Innovation and Energy Prices

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  • David Popp
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    Abstract

    I use U.S. patent data from 1970 to 1994 to estimate the effect of energy prices on energy-efficient innovations. Using patent citations to construct a measure of the usefulness of the existing base of scientific knowledge, I consider the effect of both demand-side factors, which spur innovative activity by increasing the value of new innovations, and supply-side factors, such as scientific advancements that make new innovations possible. I find that both energy prices and the quality of existing knowledge have strongly significant positive effects on innovation. Furthermore, I show that omitting the quality of knowledge adversely affects the estimation results. (JEL O31, Q40, Q42)

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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/000282802760015658
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    Bibliographic Info

    Article provided by American Economic Association in its journal American Economic Review.

    Volume (Year): 92 (2002)
    Issue (Month): 1 (March)
    Pages: 160-180

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    Handle: RePEc:aea:aecrev:v:92:y:2002:i:1:p:160-180

    Note: DOI: 10.1257/000282802760015658
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    1. Binswanger, Hans P, 1974. "A Microeconomic Approach to Induced Innovation," Economic Journal, Royal Economic Society, vol. 84(336), pages 940-58, December.
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