We study how best to reward innovators whose work builds on earlier innovations. Incentives to innovate are obtained by offering innovators the opportunity to profit from their innovations. Since innovations compete, awarding rights to one innovator reduces the value of the rights to prior...

This report examines changes in the distribution of household incomes in the UK, and the determinants and consequences of recent trends. This includes analysing changes not only in average living standards but also in household income inequality and measures of income poverty and deprivation [...]

Standard methods for estimating production functions in the Olley and Pakes (1996) tradition require assumptions on input choices. We introduce a new method that exploits (increasingly available) data on a firm's expectations of its future output and inputs that allows us to obtain consistent...

We examine the distributional consequences of post-Brexit trade barriers on wages in the UK. We quantify changes in trade costs across industries accounting for input-output links across domestic industries and global value chains. We allow for demand substitution by firms and consumers and...

Despite widespread recognition that the aggregate labour market is composed of a number of heterogeneous submarkets, there is little guidance on how to appropriately delineate such submarkets when conducting economic research. This paper contributes to a small but growing body of work addressing...

This report examines changes in the distribution of household incomes in the UK, and the determinants and consequences of recent trends. This includes analysing changes not only in average living standards but also in household income inequality and measures of income poverty and deprivation [...]