Capturing Economic Value from Innovation Investments

Latest Research about Capturing Economic Value from Innovation Investments

High Discounts and High Competition

Working Papers

We develop a general-equilibrium asset-pricing model with dynamic games of price competition. Price war risks arise endogenously from declines in long-run growth as firms’ incentive to undercut prices grows stronger with a worse growth outlook. Read More

Physician-Industry Interactions: Persuasion and Welfare

Working Papers

In markets where consumers seek expert advice regarding purchases, firms seek to influence experts, raising concerns about biased advice. We combine a model of supply and demand with a local instrumental variables strategy based on regional spillovers from academic medical center conflict-of-interest policies. Read More

When the Wind of Change Blows, Build Batteries? Optimal Renewable Generation and Energy Storage Investments

Working Papers

Renewables have become the cheapest energy sources in most of the world but their generation remains variable and difficult to predict. However, recent technology advances have rendered large-scale electricity storage economically viable, thus mitigating the renewable intermittency issue and enabling combinations of e.g. wind and batteries to replace fossil fuel power plants. Read More

Star Developers and Open Source Software

Working Papers

The idea that source code for computer software be accessible to anyone has gained increasing popularity among software developers, fueling the rapid growth of the open source software (OSS) movement. Platforms for OSS development currently host incredibly valuable projects like the Linux kernel, TensorFlow and various blockchain software projects. Read More

Personal Wealth and Self-Employment

Working Papers

We examine how wealth windfalls affect self-employment decisions using data on cash payments from claims on Texas shale drilling to people throughout the United States. Individuals who receive large wealth shocks (greater than $50,000) have 51% higher self-employment rates. Read More

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