The right to use US radio frequency spectrum is extremely valuable. Unlike most property rights, licenses to use radio spectrum are granted for limited terms and carry significant restrictions on how the radio spectrum is used. Economic efficiency suggests that existing license rights should be...

Abstract: This paper analyzes the impact of deregulation and restructuring on public-interest environmental research conducted by electric utilities in the US for the period 1990-2001. I find that deregulation has had a tremendous negative on such expenditures which have declined by 40 percent....

This paper studies the impact of deregulation and competition on research and development (R&D) expenditures of investor owned utilities. The differing pace of deregulation in the fifty states provides heterogeneity in institutional structure and competitive forces, and showcases the response of...

This paper studies the innovation response of upstream technology suppliers when their downstream technology buyers transition from regulation to product market competition. First, we develop a theoretical framework that models this particular organizational structure. Second, we use the US...