Individuals who are unaware of the price do not derive more enjoyment from more expensive wine. In a sample of more than 6,000 blind tastings, we find that the correlation between price and overall rating is small and negative, suggesting that individuals on average enjoy more expensive wines...

This paper presents a History Friendly Model which addresses the issue of the bifurcation in technological styles" between US and Britain during the nineteenth century. The model aims at gaining a better understanding of the micro-dynamics that gave rise to different patterns of innovation in...

A new model of economic growth introduces the knowledge filter between new knowledge and economically useful knowledge. It identifies both new ventures and incumbent firms as the mechanisms that penetrate the knowledge filter. Recent empirical work has shown that new firms are more proficient at...

We develop a model in which stronger protection of intellectual property rights has an inverted U-shaped effect on innovation. Intellectual property rights protection allows the incumbent firms to capture part of the rents of commercial exploration that would otherwise accrue to the...

In this study, we quantify the role of foreign-born founders in high-tech entrepreneurship in a nationally representative sample of rapidly growing high-impact companies. This class of companies drives job creation and aggregate growth in the U.S. We find that, while most previous studies have...

This paper investigates the causes of the shortfall in private R&D expenditure of the EU compared to the US. It shows that differences in the structure of the two economies play only a minor role in explaining the R&D gap. Instead, the European R&D shortfall is mainly caused by a negative...

Cooperation can benefit and hurt firms at the same time. An important question then is: when is it better to cooperate. And how can an appropriate partner be selected? In this paper we present a model of inter-firm cooperation driven by cognitive distance, appropriability conditions and external...

Does exporting intermediate goods induce learning from importers? In this paper, we examine to what extent learning from German industries can be explained by knowledge spillovers, channeled through the export of intermediate goods. Our study is based on a sample of 27 German trade partners in...

What national policies are most efficient in promoting the commercialization of university-generated knowledge? We address this question by characterizing and evaluating the policy pursued in Sweden and the US, two countries that put a great deal of resources into university R&D, but follow very...

The recent 'scientification' of commercial technology has brought the interface between universities and industry into sharp focus. In particular, academic entrepreneurship, i.e., the variety of ways in which academics take direct part in the commercialization of research, is widely discussed....