The induced innovation hypothesis and energy-saving technological change

• 成果类型: Article
• 署名作者: Newell, RG; Jaffe, AB; Stavins, RN
• 署名单位: Brandeis University; National Bureau of Economic Research; Harvard University
• 刊物名称: QUARTERLY JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0033-5533
• DOI: 10.1162/003355399556188
• 发表日期: 1999
• 页码: 941-975
• 关键词: implicit markets; hedonic prices

摘要

We develop a methodology for testing Hicks's induced innovation hypothesis by estimating a product-characteristics model of energy-using consumer durables, augmenting the hypothesis to allow for the influence of government regulations. For the products we explored, the evidence suggests that (i) the rate of overall innovation was independent of energy prices and regulations; (ii) the direction of innovation was responsive to energy price changes for some products but not for others; (iii) energy price changes induced changes in the subset of technically feasible models that were offered for sale; (iv) this responsiveness increased substantially during the period after energy-efficiency product labeling was required; and (v) nonetheless, a sizable portion of efficiency improvements were autonomous.