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Abstract:
This paper explores several characteristics of patents in the biotechnology field, comparing and contrasting them to patents in other fields of research. We find that biotechnology patents face a longer lag between application and grant date, and their secrecy would be heavily affected if legislation were to permit publication 18 months after application. They are highly concentrated geographically, as well as in industrial origin, and are used most heavily in the health sector, but have a wider spread in use than in origin. They use many more (and much more recent) references than the average patent, with a special weight on academic or scientific literature, foreign patents, and a tight circle of research fields. While they are not cited frequently on average, their use as germplasm is rising. Future research should focus on the questions that have been uncovered.

Abstract:
This paper explores several characteristics of patents in the biotechnology field, comparing and contrasting them to patents in other fields of research. We find that biotechnology patents face a longer lag between application and grant date, and their secrecy would be heavily affected if legislation were to permit publication 18 months after application. They are highly concentrated geographically, as well as in industrial origin, and are used most heavily in the health sector, but have a wider spread in use than in origin. They use many more (and much more recent) references than the average patent, with a special weight on academic or scientific literature, foreign patents, and a tight circle of research fields. While they are not cited frequently on average, their use as germplasm is rising. Future research should focus on the questions that have been uncovered.

Abstract:
This paper investigates the post-War Summer Olympic Games in order to determine the economic and political determinants of national participation, and of female participation in particular. Success at the Games (i.e., medal counts) is then analyzed in two ways, from the individual level and the national level, showing similar results. Female participation is rising over time, augmented primarily by larger nations. There is a significant and measurable advantage to larger nations (both in GDP per capita and in population) in terms of participation and success at the Games. Furthermore, there are undeniable advantages to being the hosting nation, and to being a neighbor to the host. Equally striking is the fact that while there is no evidence of a bias of Communist and single-party governments to send more athletes to the Games, once there, the athletes of these nations perform exceptionally well. There is support for the hypothesis that colonial links make a difference, imparting a mixed blessing from the past. Predictions for participation and gold, silver and bronze medal counts by nation for the 2000 Sydney Games conclude the paper.

Abstract:
Using patent citation data for the U.S., we test whether knowledge spillovers in biotechnology are sensitive to distance, and whether that sensitivity has changed over time. Controlling for self-citation by inventor, assignee and examiner, cohort-based regression analysis shows that physical distance is becoming less important for spillovers with time.

biotechnology, innovation, patent, citation, distance, geography

Abstract:
This paper examines the post-War Summer and Winter Olympic Games in order to determine the economic and political determinants of national participation, of female participation in particular, and of success at the Games (i.e., medal counts). Compared to the Summer Games, Winter participation levels are driven more by income and less by population, have less host nation bias and a greater effect of climate. Roughly similar factors determine medal count success, although single party and communist regimes win far more medals (and gold medals) in both seasons than can be attributed to other factors. We find no large significant differences between types of athletic events (e.g. luge versus nordic skiing). We estimate that major participating nations requires a $260 rise in income per capita to send an extra participant. Similarly the "cost" of an extra medal is $1700 per capita and $4750 per capita for an additional gold medal. Predictions for participation and medal counts (including gold medals in particular) for the 2002 Salt Lake City Games are presented as a test of our analysis.

Olympics, Winter, Summer, medal, participation, athletic, sports

Abstract:
On the popular game show "Who Wants To Be A Millionaire", men appear to average higher winnings than women. This paper investigates potential reasons, including different uses of information sources (lifelines) and different perceptions of risk. We include gender-based tests of Kahneman and Tversky's prospect theory, but offer instead the counterintuitive conclusion that men are rewarded for acting slightly more cautiously than women do.

risk, aversion, prospect theory, gender, Kahneman, Tversky, game show

Abstract:
This paper considers the challenges to the dissemination of environmental innovation. Following a brief exploration of the legal and regulatory regimes surrounding environmental technologies, the paper examines diffusion mechanisms, market factors, social characteristics and political elements that facilitate and complicate dissemination. Given the importance of innovation to economic development and growth, the diffusion of innovation is of great interest to economists and policymakers alike.

Key Findings:

• Many of the challenges to innovation and the dissemination of technology in general are found in the field of eco-innovation. The three principal problems to be considered are: asymmetric information, market power, and externalities. In addition, uncertainty regarding the qualities of the innovation as well as future prices of inputs will complicate the adoption process.

• The rate of diffusion is dependent on the cost-effectiveness of the new technology. Given this, the firms with the greatest potential profits associated with the innovation will be the first adopters. In addition, new technologies are often capital intensive and associated with size and scale economies, requiring access to investment capital.

• Numerous studies find that the incentives to adopt new innovations are greater with market-based tools than with regulatory tools. In an international context, uncertainty and informational problems are exacerbated and contracting solutions are even more difficult to achieve.

• New technologies frequently challenge existing legal systems in new ways and foster the evolution of the law. However, innovative industries would benefit from greater predictability in the legal realm. This is particularly important since the scope of patent protection, as well as the incomplete enforcement of IP rights, mean that the effective strength of intellectual property rights are determined by the implementation of the legal system.

• Market forces and incentives may facilitate the dissemination of environmental innovations or create insurmountable barriers to adoption. In this context, it is important to be aware of the lessons learned about innovation: innovation responds quickly to incentives; innovation in a given field experiences diminishing returns over time; the social returns to environmental research are high; and the type of policy used affects the nature of new innovations.

• Green technology is characterized by two market failures, the public goods nature of knowledge and environmental externalities.

• While developing nations frequently claim that strong intellectual property rights on carbon abatement technologies hinder developing countries’ greenhouse gas abatement efforts, it has been shown that IPRs do not constitute as significant a barrier as claimed since a variety of technologies exist for reducing emissions. In many cases, IPR protected technologies are not necessarily more costly than those not covered.

• There are a number of characteristics and circumstances of developing nations that hinder innovation: a lack of scientists and researchers, brain drain, small market size, the lack of infrastructure, importantly telecommunications infrastructure, the quality the business environment and governance conditions, bureaucratic climate and the formal/informal regulations regarding economic transactions, cash-strapped governments and inability to make public investments in research and infrastructure.

• Environmental issues are frequently local or regional in nature, so local knowledge and solutions are required. Further, many technologies are highly ecology-specific and while appropriate in one setting may be difficult to employ in another.

• Adoption is facilitated by environmental feasibility as well as cultural and political acceptance. Firms that effectively respond to such pressure and signals are more apt to succeed. It is important to note that consumer perceptions of eco-friendly are unclear, and often hinder diffusion and pricing

• It is critical that technology recipients have the prerequisite knowledge and scientific base to best exploit the information. This includes domestic private and public research laboratories and universities, in addition to a sound basis of technical skills and human capital. Each of these help to reduce the costs of imitation, adaption, and follow-on innovation. The greater the ‘technological distance’ of a recipient country from the global frontier, the greater the challenge of effectively incorporating information into production systems.

• Technology transfer is enhanced by stronger levels of patent protection, while acknowledging the necessity of complementary factors such as infrastructure, effective government policies and regulations, knowledge institutions, access to credit and venture capital, skilled human capital, and networks for research collaboration. Economic studies have found that while IP protection facilitates trade flows of patented goods into large and middle-income nations, but has no impact on poor countries.

• Like many new technologies, environmental innovations may require significant on-going support, training and assistance with maintenance. It is essential to consider the skills required for continued use and repair of new technologies at the onset of adoption.

This paper reveals that it is a combination of market, regulatory and cultural conditions that contribute to the arena in which dissemination and adoption of environmental technologies take place. Fundamentally for technology transfer to take place in developing nations a number of obstacles must be overcome: uncertainty surrounding the costs and benefits of adoption, asymmetric information on the value of the innovation, financial and skill requirements, externalities, and regulatory barriers. While scholars are still exploring why, where and how adoption takes place, lessons learned indicate that policymakers should seek to reduce uncertainty and foster transparency as they pursue dissemination to developing nations.  

eco-innovation, patent, environment, green, innovation

Abstract:
Although previous empirical studies have found relationships between patent characteristics and value, none have determined how specific attributes relate to auction value or even the probability of a successful auction sale. Using a Heckman two-step model, we regress thirteen independent variables against unique patent auction data, finding that publicly-owned and frequently referenced patents are more valuable, and that other things equal, there is an optimal time to offer a patent up for auction.

auction, patent, citation, valuation

Abstract:
The debate in less developed nations over whether to adopt stronger patent protection laws emphasizes the tradeoff between encouraging development of relevant technology through the promise of monopoly profits and discouraging application of existing technology through monopoly control of patent rights. We offer empirical evidence that foreign agricultural research is protected by patent in LDCs which are "close" (similar in output choice, cimate/soil type, education levels, and market size). We then estimate the effect of foreign and domestic research on total factor productivity. The results clearly show that Africa is far away from the nations performing most R & D, and will not converge even to other LDC output levels, since they do not benefit from domestic or foreign spillovers.

Abstract:
The debate in less developed nations over whether to adopt stronger patent protection laws emphasizes the tradeoff between encouraging development of relevant technology through the promise of monopoly profits and discouraging application of existing technology through monopoly control of patent rights. We offer empirical evidence that foreign agricultural research is protected by patent in LDCs which are "close" (similar in output choice, cimate/soil type, education levels, and market size). We then estimate the effect of foreign and domestic research on total factor productivity. The results clearly show that Africa is far away from the nations performing most R & D, and will not converge even to other LDC output levels, since they do not benefit from domestic or foreign spillovers.

Abstract:
This paper aims to summarize the state of academic knowledge surrounding the economics of environmental innovation. Following a definition of environmental technology, the paper enumerates and describes the obstacles or constraints to the development of eco-innovation.

Key Findings:

• Many of the challenges to innovation in general are mirrored and exaggerated in eco-innovation.

• Environmental innovation is fraught with uncertainty: uncertainty about the end-product of a research process, uncertainty about the reception by the market, uncertainty about the ability to appropriate the returns to research while competitors try to produce similar results, and uncertainty about regulatory impacts on the research process and end-result. In addition, there is frequently uncertainty surrounding the pricing of competing as well as complementary goods.

• On the other hand, uncertainty itself often stimulates innovation. Policymakers may very well be conflicted about how much structure to provide for innovators, if they truly thrive on some degree of uncertainty. This is further complicated by the fact that the appropriate policy response undoubtedly differs by industry, by technological problem, and even by time period.

• This review of economic studies reveals five themes which affect the development of eco-innovations: intellectual property rights (e.g. patents), economies of scale, markets and incentives, system complexity and policy choices.

• While developing nations frequently claim that strong intellectual property rights on carbon abatement technologies hinder developing countries’ greenhouse gas abatement efforts, it has been shown that IPRs do not constitute as significant a barrier as claimed since a variety of technologies exist for reducing emissions. In many cases, IPR-protected technologies are not necessarily more costly than those not covered.

• Numerous studies have documented the reasons to encourage strong patent law. There is near universal agreement among economists that strong intellectual property rights are an essential prerequisite to the development of environmental technologies. Moreover, most firms indicate that IPRs are essential to the profitability of commercial research, so in its absence they simply will not commit research and development (R&D) funding to the market in question. At the same time, the value of patents, and other forms of protection, varies across industries and across innovations.

• One of the challenges of sequential innovation lies in the difficulty in rewarding early innovators for the technological foundations they develop, while also allowing for the reward of subsequent innovators who improve and extend the original technology to new applications. This is particularly applicable in the context of new technologies, such as environmental technologies.

• The challenge of achieving efficient scale and reducing per-unit production costs is critical to the success of most innovative products and processes. Since most innovations are subject to economies of scale (or increasing returns to scale), in which higher levels of output are associated with lower per-unit costs, larger firms may be better positioned to develop environmental technologies.

• The greater the ease of development and extent to which the innovator will profit from the innovation and appropriate the benefits will both facilitate environmental innovation. However, in the case of eco-innovation, there is uncertainty about actual costs, consumer values, and policy platforms now and in the future. Moreover, the market is complicated by competing technologies (e.g.: fossil fuels) subject to negative externalities in which the user does not bear the full cost of the good. Further, the public goods nature of environmental technology prevents the user (and the innovator) from fully capturing the benefits of the innovation.

• The role of federal regulations is critical to the development of eco-innovation. Environmental regulation might lead to cost-saving innovation if a) the fixed costs of innovation are lower than compliance plus production, or b) spillover effects make innovation strategically a bad idea for the firm but a good idea for society, or c) regulation helps to fix incentive problems between managers and owners, or d) regulation helps to clear information flow.

• Given that knowledge has positive spillovers, benefits to those who bore none of the cost of acquisition, economists conclude that the amount of R&D provided by private markets will be lower than the socially optimal level. As such, questions emerge as to whether the returns to R&D are sufficient to encourage eco-innovation.

• There is an important role for policy in the support or stifling of eco-innovation. Five themes emerge from the papers reviewed. First, there is a clear portfolio of policy alternatives to stimulate innovation or energy-related investment including taxes, subsidies, permits and standards/regulations. Second, there is strong evidence that regulatory policies can be very effective. Third, policy may serve to create a market for previously uncertain or ill-defined environmental commodities. Fourth, current policymakers are frequently unable to muster the political will to enact legislation that is pro-environmental innovation. Fifth, heterogeneity may be a desirable attribute in policy since many environmental issues are local or regional in nature, and thus require local knowledge and solutions.

• Across numerous studies there are five themes which resonate with all economists as challenges to eco-innovation: intellectual property rights, economies of scale, markets and incentives, complex systems, and policy.

The greatest potential for propelling innovation is usually found in market forces and incentives. Uncertainty, externalities, and subsidies to competing goods undoubtedly hinder the process, but the motivation provided by potential profit is undeniable. However, due to the spillovers associated with eco-innovation and the public goods nature of these technologies, there is a role for government intervention in order to spur an increase in environmental innovation. In this context it is essential for policymakers to find a balance: encouraging competition while guaranteeing a large market for minimum economic scale, reducing uncertainty about future resource prices while keeping alternatives open, offering rights of exclusion to intellectual property holders while not curtailing the ability of sequential innovators to build upon past successes, promoting social goals while respecting market pressures.

eco-innovation, patent, environment, green, innovation

Abstract:
While it is clear that there has been a "regional inversion" in American patent activity over the past 25 years (i.e. relative rise of the Northwest and Southwest at the expense of the traditional invention hotbeds of the Northeast and Midwest), the reason is still open to speculation. Intuition suggests that it can be explained by some combinaion of changing demographics and industrial composition. We introduce constant market share analysis (CMSA), typically used only in international trade theory, offering a new extention to this tool, and conclude that industrial shifts have accounted for almost half of the regional inversion. Regression results show how the West capitalized upon the shift using demographics and policy variables, whose importance vary with the planning horizon.

invention, geography, clustering, regional inversion, constant market share analysis

Abstract:
The economics literature clearly shows that the transmission of knowledge diminishes with physical distance, a factor contributing to industrial clustering. This paper investigates how those distances have stretched over time. We measure the physical distance between collaborating inventors, as well as distances between inventors and the technology cited in their patents. There is an obvious change over time while controlling for other factors, and we present interesting implications about the distance-disolving effects of the communication revolution: firms and independent inventors benefit in distinctly different ways, while some states and technology classes are obvious winners over their peers.

Abstract:
This paper addresses the challenges associated with conducting research with undergraduates - limited time and resources, limited skills, the tedious nature of data gathering, etc. We discuss four models of effective research approaches. One is to identify a topic and a workable approach, such as competitive balance in sports, and apply it in different contexts - football, basketball, soccer, etc., with different students working on different sports. The second is to develop a huge data set, in this case patents, and then set students to work on problems involving some aspect of the data set. The third is to divide a related problem into distinct parts and have students work on each part. This approach is applied to research on recreation values for the Arkansas River a quantitative problem while the fourth approach shows its application to a qualitative problem, the role of corporate boards.

student research, senior thesis

Abstract:
Executive Summary:

In an effort to explore the potential for financing environmental innovation, this paper examines different forms of financing and attempts to evaluate their effectiveness. The study considers both public and private forms of funding as well as providing policy suggestions for the support of appropriate financing for eco-innovation.

Key Findings:

• The literature on the financing of innovation is very limited, and a virtually non-existent literature on the funding of eco-innovation in particular.

• R&D spending in the energy sector is relatively quite small, when compared to other industries and sectors. In addition, since fossil fuels receive close to one-quarter of the federal funding it is perhaps not surprising that there is a dearth of research on funding for eco-innovation.

• Innovation is inherently risky and uncertain. Moreover, if we are unsure about the rate of innovation, then we have difficulty predicting the pattern of global climate change, which makes it difficult to substantiate the reasons for further research funding.

• Public funding occupies a significant and important position in innovation financing. One essential role of government is the funding of basic research, especially technologies that are not in and of themselves commercially viable, but may serve as a springboard for subsequent innovation. Further, of one hundred lines of inquiry only one might merit commercialization by venture capital funding.

• Environmental innovation is complicated by both environmental externalities as well as the public good nature of the technology. R&D subsidies address the public good characteristic, but fail to account for the environmental externality, so do not address adoption challenges. Subsidies, either R&D or production subsidies, are an easy target for interest groups, creating a political challenge. As a result, subsidies frequently take less transparent forms such as price controls that reduce prices below full cost.

• It is clear that energy and agriculture are two of the most heavily subsidized economic sectors, and both impact directly on the ability of eco-innovation to draw resources and to draw consumers. Global energy subsidies are close to $300 billion per year and the majority of these serve to lower consumer prices in non-OECD nations. Alternatively, in OECD countries, most subsidies go to production in the form of direct payments or as R&D support. Roughly eleven percent of that total supports the distribution of low-carbon energy.

• While taxing carbon-intensive fuels may be a more economically efficient mechanism, it is probably politically unfeasible. Moreover, economists cannot even cleanly recommend the elimination of subsidies for fossil fuels due to the complexity of the system. For example, encouraging the use of oil products such as kerosene can curb deforestation.

• Most innovation is still funded by private sources, whether internal to the firm itself (e.g. via retained earnings) or through third-party funding sources (e.g. bank loans, venture capital). Moreover, corporate interest in eco-innovation is largely market-driven, so policymakers would do well to ensure that the incentives and abilities to early profits are appropriate and preserved.

• It is important to note that there is some evidence that appropriate funding may differ based on the stage of the innovation’s life cycle. Current case studies appear to favor technology push factors early in the product cycle, versus market opportunities later in the cycle.

• Finally, empirical studies frequently identify the lack of access to credit as a significant barrier to adoption and technological diffusion. For environmental innovators, the challenge is not only attracting sufficient funding, but ensuring that the associated incentives are appropriate to the lifecycle stage.

This paper concludes that the challenge to policymakers is one of balance: encouraging financing and removing obstacles to the process while still allowing the wisdom of the market to function and the powers of the invisible hand to best guide investments. While the importance of eco-innovation is increasingly evident, the mechanisms for funding these technologies remain largely unexplored. A rich set of questions remain to be answered, questions that will help reveal the most efficient and effective means of financing environmental innovation.

eco-innovation, patent, environment, green, innovation

Abstract:
This paper tests the induced innovation hypothesis that higher oil prices will lead to increased innovation in energy-efficient automotive technology. We find robust empirical support for the hypothesis, while using various measures of oil and gas prices and controlling for other factors including constructed knowledge stocks and macroeconomic variables.

induced innovation, patent, oil, gas, automobile, energy,

Abstract:
Network analysis shows a stable network between states, but a changing environment between individual actors, with a growing importance of connectedness. The popular maxim that everyone is connected by six degrees of separation is tested with surprising results.

biotechnology, patent, network, inventor, knowledge

Abstract:
This paper investigates whether the curricular structure of an Economics course (semester, trimester, or compressed block schedule) has an effect on an undergraduate's subsequent retention of course material. We test separately for theoretical/process comprehension and for graphical construction/interpretation, while separating micro from macro content as well. We use an instrument to address the no stakes testing problem, and our Heckman two-stage estimations present some interesting results for educators and institutional policymakers alike.

education, curriculum, knowledge, retention, liberal arts, college, principles, low-stakes testing, heckman

Abstract:
In 2006, philanthropic giving to higher education institutions totaled $28 billion, with the top school receiving just under a billion dollars. Roughly fifteen percent of those funds came from alumni donations. This paper builds upon existing economic models to create an econometric model predicting the ever-more important pattern of alumni giving. We test the model using data from over 22,000 alumni at a private liberal arts college, and report on the probable profiles for annual fund donors and alumni willing and able to give major gifts.

philanthropy, alum, donations, education financing

Abstract:
Recent Wal-Mart openings have been accompanied by public demonstrations against the company’s presence in the community, asserting (among other things) that their presence is deleterious to residential property values. This study empirically evaluates that claim, analyzing the spatial correlation between Wal-Mart locations and residential property values, while comparing Wal-Mart with other big-box retailers for a frame of reference and controlling for other important aspects of a home’s market value. We recognize that market value may represent a trade-off between price and patience, so perform a similar analysis using a property’s days on the market to evaluate any big-box effect. Finally, we interpret the resulting effects in two ways, from both the resident’s and retailer’s point of view, casting new light on the NWIMBY effect.

Walmart, housing, property value, hedonic, days on market, home value, site selection, hedonic estimation, real estate, retail store, Kmart, Target, Best Buy, appraisal, spatial model

Abstract:
This study examines the relationship between pharmaceutical R&D and health care expenditures, distinguishing between the short- and long-run impacts. To measure these relationships quantitatively, we focus on patents as a key factor driving the costs of pharmaceuticals, and develop a structured vector autoregressive (SVAR) model to measure the social rate of return to pharmaceutical research as protected by patents. We conclude with unambiguous results that pharmaceutical patents are not correlated with higher short-run prices in any measure of medical costs. They are associated with higher long-run prices in pharmaceuticals themselves, but with lower long-run prices in the aggregate medical sector which includes pharmaceuticals as a component part. Further, the TRIPS Agreement and Hatch-Waxman Act to enable generic competition have both been demonstrably effective at lowering prices across the spectrum of medical sector prices. We conclude that pharmaceutical patents may be economically medicinal themselves, acting as the 'ounce of prevention' that saves a 'pound of cure', the cure which would come in the form of even higher costs elsewhere in the medical sector.

health, inflation, price, pharma, patent, VAR, structured vector autoregression, TRIPS, Hatch-Waxman, cost, IP, hospital, drug

Abstract:
There are two counter-intuitive trends in technological collaboration currently at work, making collaborative patent applications less common but where they exist, the collaborations involve more partners. Patent data are used to examine these trends along with the impact of two recent policy changes, including the relevance for particular nations and technologies.

patent, collaboration, research, technology, invention, immigration, Homeland Security

Abstract:
This paper analyzes a database of over 18,000 women micro-finance clients of the Negros Women for Tomorrow Foundation (NWTF), a database using the Progress Out of Poverty (PPI) Scorecard as a measure of poverty. Analysis using both OLS and quantile regression models shows how observable characteristics of borrowers affect the ability of clients to reduce their measured poverty. Loan size, duration, and the economic activity supported all have strongly identifiable effects. Moreover, estimates suggest which among the poor are receiving the greatest effective help by the program. Results offer advice to the NWTF and offer insight useful to policymakers and other micro-lenders.

micro-finance, Grameen, poverty, quantile regression, lending, microlending

Abstract:
During the tabulation of votes in the 2000 presidential election, the world was shocked at the technological inadequacy of electoral equipment in many parts of the US. In reaction to public dismay over "hanging chads", Congress quickly enacted the Help America Vote Act (HAVA), legislation to fund the acquisition of advanced vote-counting technology. However, the intention was to enable, rather than mandate, choices of new electoral equipment. This paper takes advantage of a unique historical opportunity to test whether electoral equipment follows the pattern predicted by well-established models of innovation diffusion, merging electoral data with census data on socioeconomic characteristics. We infer that fiscal constraints to acquisition are strong but are not the only limitations to technology adoption, particularly within certain types of easily identifiable populations.

election, vote, innovation, diffusion, Help America Vote Act (HAVA), voting equipment

Abstract:
Agriculture, like many primary and service sectors, is a frequent recipient of innovation intended for its use, even if those innovations originate in industrial sectors. The challenge has been identifying them from patent data, which are recorded for administrative purposes using the International Patent Classification (IPC) system. We reprogram a well-tested tool, the OECD Technology Concordance (OTC), to identify 16 million patents granted between 1975 and 2006 worldwide which have potential application in agriculture. This paper presents the methodology of that dataset’s construction, introduces the data via summaries by nation and industrial sector over time, and suggests some potential avenues for future exploration of empirical issues using these data.

agriculture, patent, data, concordance

Abstract:
The impacts of two recent changes in US patent policy depend on the length of time it takes for an invention to go through the examination process. Concerns over the distributional effects of these changes were expressed during policy debates. We use data on U.S. patent applications and grants to determine the factors influencing the length of the patent examination process. We augment this analysis with interviews of patent examiners, leading to a better understanding of the examination process. Our analysis finds that differences across technology are most important. Inventor characteristics have statistically significant effects, but the magnitudes are small.

Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org.

Abstract:
Beginning in November 2000, patent applications filed in the United States are disclosed after 18 months, rather than when the patent is granted. Using U.S. patent data from 1976 to 1996, we find that major inventions are most likely to be affected, as they take longer to go through the application process. We conclude with evidence that this change will result in faster knowledge diffusion.

Abstract:
Beginning in November 2000, patent applications filed in the United States are disclosed after 18 months, rather than when the patent is granted. Using U.S. patent data from 1976-1996, we find that major inventions are most likely to be affected, as they take longer to go through the application process. We provide evidence that this change will result in faster knowledge diffusion, and conclude with a simulation of the law's potential effect on patent grants.

Abstract:
This is the short paper and accompanying slides presented at the 5th International Forum on Creativity and Inventions, Nov 11-13, 2009 in Delhi

Abstract:
This short paper and accompanying slides were presented at the 5th International Forum on Creativity and Inventions, Delhi, Nov 11-13, 2009

Abstract:
Although previous empirical studies have found relationships between patent characteristics and value, none have determined how specific attributes relate to auction value or even the probability of a successful auction sale. Using a Heckman two-step model, we regress 13 independent variables against unique patent auction data, finding that publicly owned and frequently referenced patents are more valuable, and that other things being equal, there is an optimal time to offer a patent up for auction.

Abstract:
This paper makes use of American patent data to shed light on the geographical history of invention, and introduces a methodology (the Wellesley Technology Concordance) which creates matrices describing the distribution of patents by 43 industries of manufacture and 50 sectors of use, along with all intersectoral interactions. National data (1840-1996) are presented and summarized, along with state-level totals (1883-1996). A simple constant market share analysis demonstrates the usefulness of the WTC methodology in the exploration of regional differences over time, illuminating the links between the continued success of key sectors and the emergence or submergence of geographic regions as leading inventors.

Abstract:
Recent liberalization of technology flows in several less developed nations necessitates study into the possible effects of this significant shift in policy. This paper uses a unique firm-level dataset, modeling the choice between R&D expenditures and technology licensing behavior in Brazil, explicitly considering corner solutions using the Kuhn-Tucker conditions. Extending the results found elsewhere in the literature, econometric estimation of simultaneous input demand for capital, labor and both types of technology acquisition reveals that while very small firms see technology licensing and R&D as contemporaneous substitutes, firms of moderate to large size treat them as complements. Each firm's licensing experience also plays a key role in the decision.

Abstract:
With the recent liberalization of technology flows, changes in the pattern of domestic invention can be expected in Brazil. This paper models the decision of a firm to engage in innovative activity and to protect the results of that activity. Using a unique firm-level dataset collected for this purpose, estimation indicates that the interactions between current R & D and past licensing are prime contributors to innovative success. A firm's experience with technology licenses not only adds to the productivity of current R & D, but also affects whether a firm applies for full patent or utility model protection. Firm size, employee training, and knowledge spillovers also have an impact on the inventive process.

Abstract:
We present new data on research spillovers between nations and between industries, discussing some theoretical and measurement issues. Our technique makes patent data more useful and practical for economic analysis, allowing analysis of the industries of manufacture and sectors of use for inventions. This paper traces new technology introduced for use in the agricultural and food processing sectors in 14 less developed and newly industrialized nations, comparing the regional and industrial sources of these inventions across time for each. Finally, we present an application using these data, which shows that both international and interindustrial spillovers add to agricultural total factor productivity, and we distinguish between the direct and indirect effects of spillovers from public and private, domestic and foreign sources.