In this paper we construct an intuitive measure of technological distance. We compare it to previously used measures and show that it satisfies a desirable independence axiom that other commonly used measures fail to satisfy.

We study mechanisms for selecting up to m out of n projects. Project managers' private information on quality is elicited through transfers. Under limited liability, the optimal mechanism selects projects that maximize some function of the project's observable and reported characteristics. When...

We formally model direct to consumer advertising (DTCA) of prescription drugs and examine factors that determine a pharmaceutical firm's DTCA strategy. We highlight how the profitability of DTCA varies with the characteristics of the condition that the advertised drug treats, the incidence of...

type="main" <p>In this paper, we study the determinants of patent quality and volume of patent applications when inventors care about perceived patent quality. We analyze the effects of various policy reforms, specifically, a proposal to establish a two-tiered patent system. In the two-tiered...</p>

The paper uses an overlapping generations model to examine the effects of an increase in a household's land ownership on child labor. Consistent with previous studies, it found that small increases in land lead to increased child labor. However, as land continues to increase child labor...

Concerns over grade inflation and disparities in grading practices have led institutions of higher education in the United States to adopt various grading reforms. An element common to several reforms is providing information on the distribution of grades in different courses. The main aims of...

We examine how benefits of mandated generic advertising vary with firm size in an asymmetric Cournot oligopoly market. Generic advertising, funded through a mandatory assessment, changes demand but also increases firms' costs. The effect on a firm's profits depends upon the nature of the change...