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One of the most visible and publicized trends in the movie industry is the escalation in movie advertising expenditures over time. Yet, the returns to movie advertising are poorly understood. The main reason is that disentangling the causal e¤ect of advertising on movie sales is di¢ cult because of the classic endogeneity problem: movies expected to be more(More)
Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. Abstract What makes a decision strategic? When is strategy most important? This paper studies the structure and value of(More)
1 By law, these are supposed to cover only " novel " and " nonobvious " inventions, but an average application gets only about 15–20 hours of patent examiner time, 2 and a substantial proportion of the few patents later fully evaluated in court are held invalid. The Federal Trade Commission (FTC) and the National Academies of Science have joined consumer(More)
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