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The effect of carbon price on low carbon innovation.

ABSTRACT: Whilst many governments have implemented carbon pricing to provide firms with a greater financial incentive to develop low carbon technologies, the effect of the carbon price on the level of low carbon innovation remains unclear. In this study we develop an empirically grounded model of firms' carbon price expectations and innovation processes. We use this model to show that a 1 USD increase in the expected future carbon price is associated with a 1.4% increase in the level of patenting in low carbon technologies, based on data for countries participating in the EU emissions trading system. We also find that firms gradually update their expectations of the future carbon price in response to recent price changes. Our findings indicate that higher carbon prices provide an effective incentive for low carbon innovation.

SUBMITTER: Cantone B

PROVIDER: S-EPMC10261144 | biostudies-literature | 2023 Jun

REPOSITORIES: biostudies-literature

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The effect of carbon price on low carbon innovation.

Cantone Bernardo B Evans David D Reeson Andrew A

Scientific reports 20230612 1

Whilst many governments have implemented carbon pricing to provide firms with a greater financial incentive to develop low carbon technologies, the effect of the carbon price on the level of low carbon innovation remains unclear. In this study we develop an empirically grounded model of firms' carbon price expectations and innovation processes. We use this model to show that a 1 USD increase in the expected future carbon price is associated with a 1.4% increase in the level of patenting in low c ...[more]

PMID: 37308621

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Project description:BackgroundTotal knee arthroplasty (TKA) is common, effective, and cost-effective. Innovative implants promising reduced long-term failure at increased cost are under continual development. We sought to define the implant cost and performance thresholds under which innovative TKA implants are cost-effective.MethodsWe performed a cost-effectiveness analysis using a validated, published computer simulation model of knee osteoarthritis. Model inputs were derived using published literature, Medicare claims, and National Health and Nutrition Examination Survey data. We compared projected TKA implant survival, quality-adjusted life expectancy (QALE), lifetime costs, and cost-effectiveness (incremental cost-effectiveness ratios or ICERs) of standard versus innovative TKA implants. We assumed innovative implants offered 5-70% decreased long-term TKA failure rates at costs 20-400% increased above standard implants. We examined the impact of patient age, comorbidity, and potential increases in short-term failure on innovative implant cost-effectiveness.ResultsImplants offering ?50% decrease in long-term TKA failure at ?50% increased cost offered ICERs <$100,000 regardless of age or baseline comorbidity. An implant offering a 20% decrease in long-term failure at 50% increased cost provided ICERs <$150,000 per QALY gained only among healthy 50-59-year-olds. Increasing short-term failure, consistent with recent device failures, reduced cost-effectiveness across all groups. Increasing the baseline likelihood of long-term TKA failure among younger, healthier and more active individuals further enhanced innovative implant cost-effectiveness among younger patients.ConclusionsInnovative implants must decrease actual TKA failure, not just radiographic wear, by 50-55% or more over standard implants to be broadly cost-effective. Comorbidity and remaining life span significantly affect innovative implant cost-effectiveness and should be considered in the development, approval and implementation of novel technologies, particularly in orthopedics. Model-based evaluations such as this offer valuable, unique insights for evaluating technological innovation in medical devices.

Dataset Information

The effect of carbon price on low carbon innovation.

Publications

The effect of carbon price on low carbon innovation.

Similar Datasets

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