In practice, copyright is treated by economists and analysts as a tradeoff between monopoly and the incentive to create new works. This tradeoff is between stark opposites – power and innovation. Yet, in reality, copyrighted works face numerous close substitutes. In this paper, we formally...

We show how technological leader gains from inviting an entrant into R&D competition to improve over existing patented technology, as the entrant takes complementary R&D effort, and the demand for both current and improved technologies is increasing with aggregate probability for successful...

This paper shows how heterogeneity in patent ownership across generations and lifecycle saving considerations qualitatively change the conventional implications of patent policy for quality growth. We study a close Overlapping Generations economy that grows through sequential quality...

We study the effects of reducing intercity commuting time on urbanization process -- from Suburb to Metropolis -- that is driven by a technological advantage held by the Metropolis. In each period, a new generation of workers that are heterogeneous with respect to ability is born. Workers can...