comparisons of innovations to incumbent technologies. For each innovation in our dataset, we observe its price and quality, as … well as the price and quality of an incumbent technology treating the same disease. Our main finding is that an innovation … over time. We calibrate that price declines of 4% between the time when a treatment is a new innovation and the time when …

innovation endogenously determines the dynamics of technology, and, therefore, market leadership and trade flows, in a world with … innovation motive, (ii) the expansionary innovation motive, and (iii) technology spillovers. The theoretical investigation …, dynamically, intensified globalization boosts domestic innovation through induced international competition. Accounting for …

government risk facing investors in medical innovation. This risk slows down medical innovation because investors must be … argument is that, by allowing better risk sharing between those investing in medical innovation and capital markets more … generally, FDA hedges could ultimately spur medical innovation and improve the health of patients …

We build a model of firm-level innovation, productivity growth and reallocation featuring endogenous entry and exit. A …