Some researchers have documented that the path of development is remarkably related to the pattern of sectoral diversification. Others have highlighted the relation between productive specialization and economic progress. This paper explores the role of product market competition and...

Some researchers have documented that the path of development is remarkably related to the pattern of sectoral diversification. Others have highlighted the relation between productive specialization and economic progress. This paper explores the role of product market competition and...

This paper analyzes selection biases in the project choice of complementary technologies that are used in combination to produce a final product. In the presence of complementary technologies, patents allow innovating firms to hold up rivals who succeed in developing other system components....

From the viewpoint of an innovator a patent is a tradeoff between the right to exclude others from using the patented matter versus the requirement to disclose it. Given the sequential nature of many innovations, patent induced technology diffusion can spur technological progress. However,...

We examine the effects of market structure and the internal organization of firms on equilibrium R&D projects. We compare a monopolist's choice of R&D portfolio to that of a welfare maximizer. We next show that Sah and Stiglitz's finding that the market portfolio of R&D is independent of the...

In a 1999 article, I explored the problem that arises when one party -- whom I called the hiring party -- commissions a work from another party -- whom I called the hired party. The hired party is generally found to be the sole author of the work. The question then becomes: If the hired party is...