Climate Policies and Induced Technological Change: Which to Choose, the Carrot or the Stick?

Policies to reduce emissions of greenhousegases such as CO₂, will affect the rate andpattern of technological change in alternativeenergy supply and other production processes.Imperfections in markets for non-pollutingtechnologies imply that a decentralised economydoes not deliver a socially optimal outcome,and this could justify policy interventionssuch as subsidies. This paper considers thewelfare effects of technology subsidies as partof a carbon abatement policy package. We arguethat the presence of spillovers in alternativeenergy technologies does not necessarily implythat subsidy policies are welfare improving. Weillustrate this point in the context of ageneral equilibrium model with two forms ofcarbon-free energy, an existing alternative energy which is a substitute for carbon-basedfuels, and new vintage energy which providesa carbon-free replacement for existing energyservices. Subsidisation of alternative energyon the grounds of spillover effects can bewelfare-worsening if it crowds-out new vintagetechnologies.     

Strategy,structure and performance of major U. S. Oil companles: Evidence from line of business data

In this paper we assess the influence of size, market share, and vertical integration on upstream (oil and gas production) and downstream (refining and marketing) profit rates for twenty-five large petroleum companies. We use pooled time series and cross section line of business data collected by the Financial Reporting Service of the Energy Information Administration. We employ a fixed effects model which allows for firm specific characteristics and a proxy variable to control for firm efficiency. We find that firm structure has differential impacts on performance between upstream and downstream lines of business and that lending firms are differentially impacted by structural variables, compared to other firms in the industry. Firm specific factors are also found to be significant determinants of profit raten.     

Theories from the Lab: How Research on Science Commercialization can Contribute to Management Studies

Universities and research centres have long been used to study management issues. A growing body of research has focused on how science can be effectively commercialized, emphasizing technology commercialization activities, university–industry collaborations, and academic entrepreneurship. While much of this work has documented empirical relationships, our aim in this introductory article of the special issue is to show how research on science commercialization may yield conceptual contributions to the field of management. Hence, we first discuss the importance of context for theory development. We then review how the science commercialization context has been used for theory development, identifying two facets used to conceptualize science commercialization (i.e., managing the transition between institutional contexts, and the multiple goals and impacts of actors engaging in science commercialization). This forms the basis for discussing what makes this context suited for theory development in general management and for outlining a future research agenda. We conclude by summarizing the papers in the special issue.