I study how limited information and ex-post evaluation by third parties affect how regulators design approval rules for innovations. I consider a model in which the regulator designs approval rules to minimize criticism for approval errors and for imposing a costly approval process on innovating...

This article demonstrates how various concepts derived from marketing and behavioral economics can be useful to accountants and others whose advice is sought on the setting of prices. In particular, it shows that a one-price policy may not always be ideal. Using price as a strategic tool can...

One of the most important skills to possess in the global Internet Age is creativity. People who are creative and innovative will be of great value to any organization that employs them. Moreover, creativity is a valuable skill to have if one wishes to be an entrepreneur. This paper demonstrates...

Is bank financing compatible with innovation? We show that an exogenous enhancement in value of borrowers' patents, either through greater patent protection or creditor rights over collateral, results in cheaper loans. Using regression discontinuity design, we show while R\&D investment drops...

We investigate optimal rewards in an R&D model where substitute ideas for innovation arrive to random recipients at random times. By foregoing investment in a current idea, society as a whole preserves an option to invest in a better idea for the same market niche, but with delay. Because...

This paper looks at whether the standard unilateral effects model can be applied to non-price competition parameters such as innovation. This question arises because competition authorities are intervening in horizontal mergers that are found to give rise to a “significant impediment to...

Economic growth has traditionally been attributed to the increase in national production arising from technological innovation. Using a panel of seventy-nine countries bridging the North-South divide, Patent Intensity and Economic Growth is an important empirical study on the uncertain...

The Bayh-Dole Act allows universities to commercialize their research. University laboratories therefore have two sources of funds: direct grants from the government and funds from commercialization. In addition to giving direct subsidies to university laboratories, the government also...

We study optimal patent design in a setting with sequential innovation. Firms innovate by undertaking "research" activities to generate new ideas and by undertaking "development" activities to transform these ideas into viable products. Both innovation incentives and the welfare costs of patent...