, which many times is consistent with maximizing static efficiency after an innovation has been developed. Dynamic efficiency …

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 …

medical innovations whose returns are earned worldwide. Because world returns drive innovation and innovation is central to … countries. This paper analyzes the unique positive and normative implications of these innovation-induced linkages across … countries when governments centrally price health care. Providing world returns to medical innovation under such central pricing …