Journal
RESOURCE AND ENERGY ECONOMICS
Volume 23, Issue 3, Pages 215-239Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/S0928-7655(00)00045-2
Keywords
energy; technology; induced innovation; patents; Yale Technology Concordance (YTC)
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This paper uses patent data to estimate the effect of new technologies on energy consumption. Matching energy patent counts to the industries using these patents, I create stocks of energy knowledge for 13 industries. Including the stocks in restricted variable cost functions, I estimate the median present value of long run savings from a new patent to be over US$ 14.5 million. Combining these results with estimates of price-induced innovation, I conclude that two-thirds of the change in energy consumption with respect to a price change is due to simple price-induced factor substitution, while the remaining third results from induced innovation. (C) 2001 Elsevier Science B.V. All rights reserved.
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