This paper uses a large language model to develop an ex-ante measure of the commercial potential of scientific findings. In addition to validating the measure against the typical holdout sample, we validate it externally against 1.) the progression of scientific findings through a major...

There is a growing literature that aims at assessing the private value of knowledge assets and patents. It has been shown that patents and their quality as measured by citations received by future patents contribute significantly to the market value of firms beyond their R&D stocks. This paper...

The question of protecting intellectual property rights by academic inventors was never seriously contemplated until the introduction of the Bayh-Dole Act in 1980 in the US. The Act allowed universities to retain patent rights over inventions arising out of federally-funded research and to...

Since the 1980s, the US has experienced a surge in patenting and R&D. To better understand the phenomena, we explore the evolution of the market value of knowledge capital with a novel firm-level dataset. While the importance of R&D has steadily declined, the market value of patents made a large...

Scientific and technological innovations by scientists are critical to the long-term economic health of the U.S. However, anecdotal evidence from space exploration, high energy physics and biotechnology suggests that the U.S. might no longer be able to retain or attract such talent at previous...

It is widely known that demand-pull policies in the United States, especially the federal investment tax credits (ITC) and the California Solar Initiative (CSI), have led to a rapid escalation in the installation of solar photovoltaic (PV) systems. But there has been little systematic study into...

Regulatory reform efforts in a broad range of industries have resulted in increased importance of competitive forces as a means to allocate resources and improve economic efficiency. A number of indicators suggest that such forces have been stronger in the United States than in most other OECD...