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Drilling for innovation : applying induced innovation theory to the oil and gas industry

by Daniels, Bryce Delano

Abstract

In this study I apply the theory that changing energy prices induce innovation to producers of energy, specifically the oil and gas industry. Using pricing, production and patent data from 1980 – 2011, I model the share of total patents that are applicable to oil and gas as a function of expected future commodity prices, production of each commodity and previous stock of knowledge. In the building of the model, I develop knowledge stock variables and expected future prices specific to the industry. I find a significant, positive and highly elastic correlation between expected commodity prices and innovation, that is in line with previous work and the induced innovation theory.

Note

Colorado College Honor Code upheld.

Includes bibliographical references.

Administrative Notes

Colorado College Honor Code upheld.

Copyright
Copyright restrictions apply.
Publisher
Colorado College
PID
coccc:7930
Digital Origin
born digital
Extent
34 pages : illustrations (some color)
Thesis
Senior Thesis -- Colorado College
Thesis Advisor
Johnson, Daniel
Department/Program
Economics and Business
Degree Name
bachelor
Degree Type
Bachelor of Arts
Degree Grantor
Colorado College
Date Issued
2013