Patents and Research Investments: Assessing the Empirical Evidence

We are grateful to Fiona Scott Morton and Carl Shapiro for comments, and to Sam Grondahl and Myles Wagner for excellent research assistance. Research reported in this publication was supported by the National Institute on Aging and the NIH Common Fund, Office of the NIH Director, through grant U01-AG046708 to the NBER; the content is solely the responsibility of the authors and does not necessarily represent the official views of the NIH or NBER. Financial support from NSF grant 1151497 and the Initiative on Global Markets at Chicago Booth is also gratefully acknowledged. This paper is forthcoming in the American Economic Review Papers & Proceedings, May 2016. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.