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Does regulation affect the pace and nature of innovation and if so, by how much? We build a tractable and quantifiable ….4% lower due to the regulation, a 2.2% consumption equivalent welfare loss. Four-fifths of this loss is due to lower innovation … intensity per firm rather than just a misallocation towards smaller firms and lower entry. We generalize the theory to allow for …
Persistent link: https://www.econbiz.de/10013248072
Does regulation affect the pace and nature of innovation and if so, by how much? We build a tractable and quantifiable ….4% lower due to the regulation, a 2.2% consumption equivalent welfare loss. Four-fifths of this loss is due to lower innovation … intensity per firm rather than just a misallocation towards smaller firms and lower entry. We generalize the theory to allow for …
Persistent link: https://www.econbiz.de/10014262826
Does regulation affect the pace and nature of innovation and if so, by how much? We builda tractable and quantifiable ….4% lower due to the regulation, a 2.2% consumption equivalent welfare loss.Four-fifths of this loss is due to lower innovation … intensity per firm rather than just amisallocation towards smaller firms and lower entry. We generalize the theory to allow …
Persistent link: https://www.econbiz.de/10013229867
This paper presents a model of cumulative innovation where firms are heterogeneous in their research ability. We study the optimal reward policy when the quality of the ideas and their subsequent development effort are private information. The optimal assignment of property rights must...
Persistent link: https://www.econbiz.de/10014137343
The decision to cooperate within R&D joint ventures is often based on expert advice such advice typically originates in a due diligence process, which assesses the R&D joint ventures profitability, for example, by appraising the achievability of synergies. We show that if the experts who advise...
Persistent link: https://www.econbiz.de/10009409623
What is the best way to reward innovation? While prizes avoid deadweight loss, intellectual property selects high social surplus projects. Optimal innovation policy thus trades off the ex-ante screening benefit and the ex-post distortion. It solves a multidimensional screening problem in the...
Persistent link: https://www.econbiz.de/10013115803
Patents are a useful but imperfect reward for innovation. In sectors like pharmaceuticals, where monopoly distortions seem particularly severe, there is growing international political pressure to identify alternatives to patents that could lower prices. Innovation prizes and other non-patent...
Persistent link: https://www.econbiz.de/10014154426
This paper provides a positive and normative discussion of the role of competition law – and competition authorities … analysis of recent EU and American case law with a simple economic model of multi-agency regulation and its effects on … competition law a much greater role than my model would suggest is wise …
Persistent link: https://www.econbiz.de/10013067899
This paper examines the regulation of technological innovation direction under uncertainty about potential harms. We …
Persistent link: https://www.econbiz.de/10014635704
Persistent link: https://www.econbiz.de/10003792062