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Technology adoption in response to changes in market conditions: Evidence from the US petroleum refining industry

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  • Ming-yuan Chen
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    Abstract

    This paper analyzes the determinants of the levels and rates of technology adoption for petroleum refineries that survived the period 1980-1989, during which the conditions of product demand and crude oil supply changed significantly. Regression models are specified to investigate the growth of technology-related capacity, the growth of technology complexity, and the rates of adoption estimated from a diffuse model of technology use. Both levels and rates of adoption are hypothesized to be affected by refinery size, regulatory status, elements of local markets, and geographical factors. Empirical results generally suggest that compared with the supply-side factors of crude oil sources and regulatory subsidies, refinery size and demand-side factors, such as total consumption, consumption growth and fluctuation, and changes of the consumption mix, are responsible for the most part of the determination of technology adoption for refineries surviving the 1980s.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/10438590500117487
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Economics of Innovation and New Technology.

    Volume (Year): 14 (2005)
    Issue (Month): 8 ()
    Pages: 735-756

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    Handle: RePEc:taf:ecinnt:v:14:y:2005:i:8:p:735-756

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    Related research

    Keywords: Technology adoption; Petroleum refining industry;

    References

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    1. Michael H. Riordan, 1991. "Regulation and Preemptive Technology Adoption," Papers, Boston University - Industry Studies Programme 0018, Boston University - Industry Studies Programme.
    2. Moulton, Brent R, 1990. "An Illustration of a Pitfall in Estimating the Effects of Aggregate Variables on Micro Unit," The Review of Economics and Statistics, MIT Press, MIT Press, vol. 72(2), pages 334-38, May.
    3. repec:att:wimass:8904 is not listed on IDEAS
    4. Colombo, Massimo G & Mosconi, Rocco, 1995. "Complementarity and Cumulative Learning Effects in the Early Diffusion of Multiple Technologies," Journal of Industrial Economics, Wiley Blackwell, Wiley Blackwell, vol. 43(1), pages 13-48, March.
    5. Baptista, Rui, 2000. "Do innovations diffuse faster within geographical clusters?," International Journal of Industrial Organization, Elsevier, Elsevier, vol. 18(3), pages 515-535, April.
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    Cited by:
    1. Adriana Z. Fernandez & Robert W. Gilmer & Jonathon L. Story, 2007. "Gasoline content regulation as a trade barrier: do boutique fuels discourage fuel imports?," Working Papers, Federal Reserve Bank of Dallas 0709, Federal Reserve Bank of Dallas.

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