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This paper studies how the strength of intellectual property rights (IPRs) affects investments in biological innovations when the value of an innovation is stochastically reduced to zero because of the evolution of pest resistance. We frame the problem as a research and development (R&D) investment game in a duopoly model of sequential innovation. We(More)
We develop a quality ladder model to study the R&D incentive impacts of intellectual property rights with a " research exemption " or " experimental use " provision. The innovation process is sequential and cumulative and takes place alongside production in an infinite-horizon setting. We solve the model under two distinct intellectual property regimes,(More)
A large literature has documented significant public health benefits associated with the minimum legal drinking age in the USA, particularly because of the resulting effects on motor vehicle accidents. These benefits form the primary basis for continued efforts to restrict youth access to alcohol. It is important to keep in mind that policymakers have a(More)
This paper studies determinants of household portfolio decisions using recent data from Australia. A flexible econometric approach based on the finite mixture of normals sample selection model is used to analyze jointly the decision to participate in the market for risky assets and how much to invest in such assets. To study factors influencing these(More)
and views reported in this paper, however, are those of the authors and should not be attributed to either FaHCSIA or the Melbourne Institute. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They(More)
We analyze the effect of an individual insurance mandate (Medicare Levy Surcharge) on the demand for private health insurance (PHI) in Australia. With administrative income tax return data, we show that the mandate has several distinct effects on taxpayers' behavior. First, despite the large tax penalty for not having PHI coverage relative to the cost of(More)
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