Mergers realize heterogeneous competitive effects on profits, production, and prices. To date, it is unclear whether differential merger outcomes are caused mostly by firms’ technology or product market attributes. Furthermore, empirical merger studies conventionally assume that, conditional...

Pharmaceutical firms spend increasing amounts in mergers and acquisitions (M&As), which raises the question of whether sufficient investment is left after mergers to further develop firms’ internal drug development capability. We evaluate the effects of M&As on firms’ post-merger R&D...

The U.S. and EU Merger Guidelines strongly emphasize the relevance of the “ease of entry” argument in merger evaluations. Up to now, very little is known empirically about how mergers affect entry and exit, and the resulting number of firms in the markets. We empirically test this aspect of...

Pharmaceutical firms spend increasing amounts in mergers and acquisitions (M&As), which raises the question of whether sufficient investment is left after mergers to further develop firms' internal drug development capability. We evaluate the effects of M&As on firms' post-merger R&D investments...

This paper elaborates on the recent race to sequence the human genome. Starting from the debate on public vs. private research arising from the genome case, the paper shows that in some fundamental research areas, where knowledge externalities play an important role, market and non-market...

Aspirations towards technological sovereignty increasingly pervade the political debate. Yet, an ambiguous definition leaves the exact goal of those aspirations and the policies to fulfill them unclear. This leaves room for partly particularly negative interpretations, such as equating the...

Aspirations towards technological sovereignty increasingly pervade the political debate. Yet, an ambiguous definition leaves the exact goal of those aspirations and the policies to fulfill them unclear. This leaves room for partly particularly negative interpretations, such as equating the...

The costs of low-carbon energy fell dramatically over the past decade, leading to rapid growth in its deployment. However, many challenges remain to deploy low-carbon energy at a scale necessary to meet net zero carbon emission targets. We argue that developing complementary technologies and...

Empirical evidence suggests that positive externalities from R&D exceed negative ones. According to conventional wisdom, this calls for R&D subsidies. This paper develops a quality-ladder growth model with overlapping generations which evaluates the positive and normative implications of R&D...

It has long been argued that the implementation of market-based environmental policy instruments such as environmentally-related taxes and tradable permits is likely to lead to greater technological innovation than more direct forms of regulation such as technology-based standards. One of the...