beneficial for welfare of individuals, and are shown to have taxonomy, not of investment capability, but of `Innovation …

When commentators discuss innovation’s externalities, they often classify them into one of two categories. On the … positive externalities, or “spillovers” side, legal and economics scholars often speak of the benefits innovation confers on … other innovators. Future innovators profit from past innovation as they “stand on the shoulders of giants” to develop …

This paper provides a new theoretical rationale for public procurement for innovation (PPI), a unique policy …

This paper develops a three-stage model of innovation, fixed-fee licensing and production to evaluate the welfare … effects of compulsory licensing, taking into account both static (information sharing) and dynamic (innovation incentive …

innovation by users has been found to also be an important part of innovative activity in the economy. In this paper we explore … the impact of users as a source of innovation on product diversity, innovation, and welfare. We examine the impact of user … innovation on inefficiencies that bias the provision of new goods, and find that most are either alleviated or non-existent for …

This paper analyzes optimal policy in the context of cumulative innovation in a model that endogenizes patenting … decisions of early innovators. Secrecy can significantly decrease investment in the second innovation. We show that as the …