This paper uses a large language model to develop an ex-ante measure of the commercial potential of scientific findings. In addition to validating the measure against the typical holdout sample, we validate it externally against 1.) the progression of scientific findings through a major...

Drawing insights from the field of innovation economics, we discuss the likely competitive environment shaping generative AI advances. Central to our analysis are the concepts of appropriability--whether firms in the industry are able to control the knowledge generated by their innovations--and...

This paper contributes to the literature on innovation policies and institutional theory on conditions for effective institutional changes. The "three rights" reform of 26 universities and the mixed ownership reform of Southwest Jiaotong University are important explorations made by China in...

Artificial intelligence (AI) is transforming production across all sectors of the economy, with the potential to both complement and substitute for traditional labor inputs. Healthcare is no exception. Dozens of recent academic studies demonstrate that AI can contribute to the healthcare value...

Moving beyond the combination of adoption subsidies, standards, and (albeit limited) attempts at carbon pricing that largely characterized U.S. climate policy over the last decade, recent climate-related legislation has transformed not only the scale of U.S. climate activities but also the...

Operation Warp Speed (OWS) was a U.S. government-led program to accelerate the development, production, and administration of COVID-19 vaccines. The program cut the typical ten-year timeline needed to develop a new vaccine down to ten months and began vaccinating vulnerable populations within a...

We investigate the phenomenon of home bias in scientific citations, where researchers disproportionately cite work from their own country. We develop a benchmark for expected citations based on the relative size of countries, defining home bias as deviations from this norm. Our findings reveal...

We use a large dataset of approximately 1500 physicists employed by the Centre National de la Recherche Scientifique (CNRS) in France to investigate the role of cumulative advantage in their publication career. Measuring output by time series of the number of publications and the number of...

This chapter reviews the data and literature on gender, race and ethnicity differences in research funding in the United States and Europe. The gender gap in research funding has closed at the National Science Foundation and National Institutes of Health in the United States and substantially...

How should the government respond to automation? We study this question in a heterogeneous agent model that takes worker displacement seriously. We recognize that displaced workers face two frictions in practice: reallocation is slow and borrowing is limited. We first show that these frictions...