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Does conventional energy pricing induce innovation in renewable energy? New evidence from a nonlinear approach

Modhurima Dey Amin, Syed Badruddoza and Jill J. McCluskey

Applied Economic Perspectives and Policy, 2021, vol. 43, issue 2, 659-679

Abstract: This article theoretically and empirically studies the association between research and development investments in renewable energy (RE) and oil prices at the country level. We find a positive and robust association between patent counts for RE and price of crude oil using a panel of 46 countries for 1991–2013 in a fixed‐effects hurdle Negative Binomial control function framework. Results suggest that net conventional energy importing countries are more likely to invest in RE when oil prices increase. Countries with more electricity production, less emissions, and greater energy utilization generate more RE patents per year. JEL CLASSIFICATION Q13; Q42; Q55

Date: 2021
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https://doi.org/10.1002/aepp.13148

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