Fueling Innovation: The Impact of Oil Prices and CAFE Standards on Energy-Efficient Automotive Technology
AbstractThis paper tests the induced innovation hypothesis that higher oil prices will lead to increased innovation in energy-efficient automotive technology. Using a dynamic model of patenting, we find robust empirical support for the hypothesis, concluding that both the acquisition cost and retail markup portion of fuel prices are powerful in generating subsequent innovation. Our results include the effects of CAFE regulations, finding no evidence of their impact on innovation, even within a model that endogenizes them via fuel price expectations.
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Bibliographic InfoArticle provided by International Association for Energy Economics in its journal The Energy Journal.
Volume (Year): Volume 31 (2010)
Issue (Month): Number 1 ()
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- F0 - International Economics - - General
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- Antoine Dechezleprêtre & Matthieu Glachant, 2011.
"Does foreign environmental policy influence domestic innovation? Evidence from the wind industry,"
Grantham Research Institute on Climate Change and the Environment Working Papers
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- Antoine Dechezlepretre & Matthieu Glachant, 2011. "Does foreign environmental policy influence domestic innovation? Evidence from the wind industry," LSE Research Online Documents on Economics 37580, London School of Economics and Political Science, LSE Library.
- Antoine Dechezleprêtre & Matthieu Glachant, 2011. "Does foreign environmental policy influence domestic innovation ? Evidence from the wind industry," Post-Print hal-00574108, HAL.
- Barla, Philippe & Proost, Stef, 2012. "Energy efficiency policy in a non-cooperative world," Energy Economics, Elsevier, vol. 34(6), pages 2209-2215.
- Felix Groba & Barbara Breitschopf, 2013. "Impact of Renewable Energy Policy and Use on Innovation: A Literature Review," Discussion Papers of DIW Berlin 1318, DIW Berlin, German Institute for Economic Research.
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