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

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  • Jo Voola

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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  • Jo Voola, 2006. "Technological change and industry structure: A case study of the petroleum industry," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 15(3), pages 271-288.
    • Handle: RePEc:taf:ecinnt:v:15:y:2006:i:3:p:271-288
    DOI: 10.1080/10438590500149597
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    1. Ulrich Witt, 1994. "Evolutionary economics," Chapters, in: Peter J. Boettke (ed.), The Elgar Companion to Austrian Economics, chapter 78, Edward Elgar Publishing.
    2. Harry Bloch, 2006. "Steindl On Imperfect Competition: The Role Of Technical Change," Metroeconomica, Wiley Blackwell, vol. 57(3), pages 286-302, July.
    3. 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.
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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 Management, Information and Production Engineering, University of Bergamo.

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