Four Hypotheses on Intellectual Property and Inequality
I will suggest that existing IP regimes can be understood as not merely reflecting high levels of inequality within and between nations, but also amplifying these trends. First, there is [...]
Do firms underinvest in long-term research? Evidence from cancer clinical trials
We investigate whether private research investments are distorted away from long-term projects. Our theoretical model highlights two potential sources of this distortion: short-termism and the fixed patent term. Our empirical [...]
Patents as Quality Signals? The Implications for Financing Constraints on R&D
Information about the success of a new technology is usually held asymmetrically between the research and development (R&D)-performing firm and potential lenders and investors. This raises the cost of capital [...]
Patents and Research Investment: Assessing the Empirical Evidence
A well-developed theoretical literature — dating back at least to Nordhaus (1969) — has analyzed optimal patent policy design. We re-present the core trade-off of the Nordhaus model and highlight [...]
Patents and the Global Diffusion of New Drugs
This paper studies how patent rights and price regulation affect how fast new drugs are launched in different countries, using newly constructed data on launches of 642 new drugs in [...]
The Bright Side of Patents
Motivated by concerns that the patent system is hindering innovation, particularly for small inventors, this study investigates the bright side of patents. We examine whether patents help startups grow and [...]
Patents and Innovation in Economic History
A strong tradition in economic history, which primarily relies on qualitative evidence and statistical correlations, has emphasized the importance of patents as a primary driver of innovation. Recent improvements in [...]
Are Settlements in Patent Litigation Collusive? Evidence from Paragraph IV Challenges
The use of “pay-for-delay” settlements in patent litigation – in which a branded manufacturer and generic entrant settle a Paragraph IV patent challenge and agree to forestall entry – has [...]
Patent Trolls: Evidence from Targeted Firms
We develop a theoretical model of, and provide the first large-sample evidence on, the behavior and impact of non-practicing entities (NPEs) in the intellectual property space. Our model shows that [...]
Low-Quality Patents in the Eye of the Beholder: Evidence from Multiple Examiners
Low-quality patents are of considerable concern to businesses operating in patent-dense markets. There are two pathways by which low-quality patents may be issued: the patent office may apply systematically a [...]