Alberto Galasso

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In markets where innovation is cumulative, in the sense that discoveries are inputs into follow-on discoveries, optimal patent policy in part depends on how patents on existing technologies affect follow-on innovation. In this paper, we investigate whether patents on one specific technology — human genes — have affected follow-on scientific research and(More)
Are CEOs’ attitudes and beliefs linked to their firms’ innovative performance? This paper uses Malmendier and Tate’s measure of overconfidence, based on CEO stockoption exercise, to study the relationship between a CEO’s “revealed beliefs” about future performance and standard measures of corporate innovation. We begin by developing a career concern model(More)
We present evidence from a natural field experiment involving nearly 100,000 individuals on the effects of offering economic incentives for blood donations. Subjects who were offered economic rewards to donate blood were more likely to donate, and more so the higher the value of the rewards. They were also more likely to attract others to donate, spatially(More)
Large labs may spawn spin-outs caused by innovations deemed unrelated to the firm’s overall business. Small labs generate demand for specialized services that lower entry costs for others. We develop a theoretical framework to study the interplay of these two localized externalities and their impact on regional innovation. We examine MSA-level patent data(More)
We study how the market for innovation affects enforcement of patent rights. Conventional wisdom associates the gains from trade with comparative advantage in manufacturing or marketing. We show that these gains imply that patent transactions should increase litigation risk. We identify a new source of gains from trade, comparative advantage in patent(More)
It is surprising that the prevailing performance taxonomy for scientists (Star versus Non-Star) focuses only on individual output and ignores social behavior since, innovation is often characterized as a communal process. To address this deficiency I expand the traditional taxonomy that focuses solely on productivity and add a second, social dimension to(More)
  • Jochen Mankart, Giacomo Rodano, +6 authors Rachel Ngai
  • 2007
Every year 400,000 entrepreneurs fail and 20% of them file for bankruptcy. Thus the personal bankruptcy law has important implications for entrepreneurship. The option to declare bankruptcy encourages entrepreneurship through providing insurance since entrepreneurs may default in bad times. However, perfectly competitive financial intermediaries take the(More)
Cumulative innovation is central to economic growth. Do patent rights facilitate or impede follow-on innovation? We study the causal effect of removing patent rights by court invalidation on subsequent research related to the focal patent, as measured by later citations. We exploit random allocation of judges at the U.S. Court of Appeals for the Federal(More)
Patents award innovators a fixed period of market exclusivity, e.g., 20 years in the United States. Yet, since in many industries firms file patents at the time of discovery (“invention”) rather than first sale (“commercialization”), effective patent terms vary: inventions that commercialize at the time of invention receive a full patent term, whereas(More)