Using U.S. patent records in nanotechnoloy, we study the relationship between inventor mobility among firms and knowledge diffusion. We find evidence consistent with a story that, in one important nanotechnology subfield, when inventors move among firms they spread knowledge. In particular, we...

Using U.S. patent records in nanotechnoloy, we study the impact of university research on industry innovations with the premise that knowledge is diffused from universities to industry via personnel with university research experience. Appearing on a patent assigned to a university is evidence...

We use U.S. patent records to examine the role of research personnel as a pathway for the diffusion of ideas from university to industry. Appearing on a patent assigned to a university is evidence that an ineventor has been exposed to university research, either directly as a university...

This paper develops a dynamic model of the decisions regarding the quantity and quality of children, predicated on two premises: (1) the quality of children is uncertain when parents make a human capital investment decision, and (2) the quality distributions of two children of a woman are less...

This paper assesses whether a bilateral FTA exerts a positive growth effect of the economies of the two countries engaging in the FTA. It employs a nonparametric matching approach, which is more faithful to questions posed by trade theories, imposes no specific functional froms on the relation,...

Available evidence suggests that the average marginal propensity to consume (MPC) from the 2001 tax rebate in the US was not nearly as large as that from previous tax cuts. We examine if this phenomenon can be explained by the fact that the widespread use of credit cards has made borrowing...

This paper reconsiders the licensing of a common value innovation to a downstream duopoly, assuming a dual licensing scheme that combines a first-price license auction with royalty contracts for losers. Prior to bidding firms observe imperfect signals of the expected cost reduction; after the...

Least absolute deviations (LAD) estimation of linear time-series models is considered under conditional heteroskedasticity and serial correlation. The limit theory of the LAD estimator is obtained without assuming the finite density condition for the errors that is required in standard LAD...

We generalize the characterization of the loan contract due to Gale and Hellwig (1985) to the case of risk aversion of the borrower and diverse subjective beliefs about the outcome of the investment. We continue to assume costly state verification (Townsend, 1979) i.e. that the lender must incur...

In this paper, we examine the ¡°learning-by-doing¡± hypothesis in medicine using a longitudinal census of laser in situ keratomileusis (LASIK) eye surgeries collected directly from patient charts. LASIK surgery has precise measures of presurgical condition and postsurgical outcomes. Unlike...