This paper investigates the effect of resale allowance on entry strategies in a second price auction with two bidders whose entries are sequential and costly. We first characterize the perfect Bayesian equilibrium in cutoff strategies. We then show that there exists a unique threshold such that...

National parks and protected areas form the basis of global conservation initiatives and provide a raft of benefits in the form of various consumptive and non-consumptive uses. However, it is extremely difficult to express these benefits in monetary terms. The lack of economic values for these...

This paper investigates the effect of resale allowance on entry strategies in a second price auction with two bidders whose entries are sequential and costly. We first characterize the perfect Bayesian equilibrium in cutoff strategies. We then show that there exists a unique threshold such that...

Drawing on Professor Samuelson’s article, “Are Interface Patents Impeding Interoperability,” this Response identifies situations where interface patents warrant regulatory intervention. It first notes that interfaces define “technological paradigms”: integrated systems of...

Patents, and the profits they enable, exert a tangible "pull" on university research. Influenced by commercial interests, universities may favor research pathways that generate appropriable (i.e., patentable) results, thus diverting resources away from basic research. Indeed, empirical evidence...

During the past few years, hedge fund beta replication strategies have become more common. At the same time, questions about the relevance, performance, and applicability of these strategies have been raised in response to the rapidly shifting landscape in the hedge fund industry. We present a...

As commonly understood, the U.S. patent system is a utilitarian regime that employs exclusive rights and market incentives to promote technological progress. Unlike international and foreign regimes, the domestic patent system less explicitly addresses non-utilitarian issues such as access,...