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Technological change and industry structure: A case study of the petroleum industry

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  • Jo Voola
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    Abstract

    This paper is a case study of the impact of an exogenous improvement of a process technology on the structure of the petroleum industry. The paper examines the role of three-dimensional seismology in bringing about the 1990s oil industry consolidation. This proposition is examined in the context of evolutionary economics and in a non-cooperative game theory, concluding with a reference to Steindl's theory of industry dynamics. The significance of this contribution lies chiefly in highlighting the fact that exogenous technological change can, under appropriate conditions, play a significant role in industry dynamics. This reference to the exogenous change in technology is a departure from the traditional consideration of endogenity of industry structure in relation to technological development and, therefore, a novelty. Secondly, the documentation of 3D seismology as a significant process technology of the petroleum industry is significant.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/10438590500149597
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    Bibliographic Info

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

    Volume (Year): 15 (2006)
    Issue (Month): 3 ()
    Pages: 271-288

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    Handle: RePEc:taf:ecinnt:v:15:y:2006:i:3:p:271-288

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    Related research

    Keywords: Process technology; Seismology; Industry dynamics; Mergers;

    References

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    1. Harry Bloch, 2006. "Steindl On Imperfect Competition: The Role Of Technical Change," Metroeconomica, Wiley Blackwell, vol. 57(3), pages 286-302, 07.
    2. Dosi, Giovanni, 1993. "Technological paradigms and technological trajectories : A suggested interpretation of the determinants and directions of technical change," Research Policy, Elsevier, vol. 22(2), pages 102-103, April.
    3. Ulrich Witt, 2006. "Evolutionary Economics," Papers on Economics and Evolution 2006-05, Philipps University Marburg, Department of Geography.
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    Cited by:
    1. Lucio Cassia & Tommaso Minola & Stefano Paleari, 2011. "Entrepreneurship, technology and change: a review and proposal for an interpretative framework," Working Papers 1103, Department of Economics and Technology Management, University of Bergamo.

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