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作者：Jovanovic, Boyan; Szentes, Balazs
作者单位：New York University; University of London; London School Economics & Political Science
摘要：We propose a theory of the market for venture capital that links the excess return to venture equity to the scarcity of venture capitalists (VCs). High returns make the VCs more selective and eager to terminate nonperforming ventures because they can move on to new ones. The scarcity of VCs enables them to internalize their social value, and the competitive equilibrium is socially optimal. Moreover, the bilaterally efficient contract is a simple equity contract. We estimate the model for the p...
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作者：Williams, Heidi L.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：Do intellectual property (IP) rights on existing technologies hinder subsequent innovation? Using newly collected data on the sequencing of the human genome by the public Human Genome Project and the private firm Celera, this paper estimates the impact of Celera's gene-level IP on subsequent innovation. Across a range of empirical specifications, I document evidence that Celera's IP led to reductions in subsequent scientific research and product development on the order of 20-30 percent. These...
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作者：Wydick, Bruce; Glewwe, Paul; Rutledge, Laine
作者单位：University of San Francisco; University of Minnesota System; University of Minnesota Twin Cities; University of Washington; University of Washington Seattle
摘要：Child sponsorship is a leading form of direct aid from wealthy country households to children in developing countries. Over 9 million children are supported through international sponsorship organizations. Using data from six countries, we estimate impacts on several outcomes from sponsorship through Compassion International, a leading child sponsorship organization. To identify programeffects, we utilize an age-eligibility rule implemented when programs began in new villages. We find large, s...
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作者：Ordonez, Guillermo
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：Economic variables move asymmetrically over the business cycle: quickly during crises but slowly during recoveries. I show that this asymmetry is stronger in countries with less developed financial systems and greater financial frictions. Then I explain this fact using a learning model with endogenous information about economic conditions. Financial frictions, which I capture by higher bankruptcy costs, magnify the reaction of lending rates and economic activity to negative shocks and then del...
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作者：Fryer, Roland G., Jr.; Loury, Glenn C.
作者单位：Harvard University; Brown University
摘要：This paper explores the economics of diversity-enhancing policies. A model is proposed in which heterogeneous agents, distinguished by skill level and social identity, purchase productive opportunities in a competitive market. We analyze policies designed to raise the status of a disadvantaged identity group. When agent identity is contractible, efficient policy grants preferred access to slots but offers no direct assistance for acquiring skills. When identity is not contractible, efficient p...
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作者：Smeulders, Bart; Cherchye, Laurens; De Rock, Bram; Spieksma, Frits C. R.
作者单位：KU Leuven; Universite Libre de Bruxelles
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作者：Spulber, Daniel F.
作者单位：Northwestern University
摘要：Competition and intellectual property (IP) protections are complements in stimulating innovation. When IP is appropriable, a market for inventions forms and competitive pressures increase incentives to innovate. Competition among producers, the demand side of the market for inventions, and competition among inventors, the supply side of the market for inventions, create incentives to innovate. When IP is not fully appropriable, markets for inventions are limited and competitive pressures can d...
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作者：Lagos, Ricardo
作者单位：New York University
摘要：It is folklore among monetary theorists that, under laissez faire, without ad hoc assumptions that favor money over bonds, there do not exist equilibria in which government-issued fiat money coexists with nominal default-free, interest-bearing government bonds with similar physical characteristics. This proposition is the basis for the strongest version of the rate-of-return-dominance puzzle. In this paper I show that if-as has been the case throughout monetary history-the physical object used...
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作者：Levitt, Steven D.; List, John A.; Syverson, Chad
作者单位：University of Chicago; National Bureau of Economic Research
摘要：We investigate learning by doing using detailed data from a major auto producer''s assembly plant. We focus on the acquisition, aggregation, transmission, and embodiment of the knowledge stock built through learning. We find that most knowledge was not retained by plant workers despite their importance as a learning conduit. This is consistent with the plant''s systems for productivity measurement and improvement. We further explore how learning at the hundreds of processes along the productio...
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作者：Wallace, Neil
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
