The Digest

A free monthly publication featuring non-technical summaries of research on topics of broad public interest
A dollar of venture capital is far more likely to produce patented innovations than a dollar of traditional corporate R and D spending. The rise of venture capital in the 1980s and 1990s has coincided with a huge wave of innovation and entrepreneurship. It has been widely assumed that there is a causal relationship at work, but empirical research on the relationship has been scant. In Does Venture Capital Spur Innovation? (NBER Working Paper No. 6846) , Samuel Kortum...

Research Summaries

Doctors with highly concentrated portfolios tend to prescribe drugs with higher levels of advertising and high market share. A cornerstone of the American health care system lies in the authority granted to physicians to prescribe drugs to patients. But how does physician authority and ability actually affect your treatment? In Empirical Implications of Physician Authority in Pharmaceutical Decisionmaking (NBER Working Paper No. 6851) , Scott Stern and Manuel...
Unemployment Insurance Savings Accounts (UISAs) could substantially reduce UI's adverse effects on incentives without decreasing protection for those who suffer unemployment. Unemployment Insurance (UI) in the United States supports the income of people made unemployed but also provides an incentive for people to become, or stay, unemployed. In Unemployment Insurance Savings Accounts (NBER Working Paper 6860) , NBER President Martin Feldstein and co-author Daniel...
Internet sales are highly sensitive to local taxation. People who live in high sales tax locations are significantly more likely to make purchases over the Internet. While Internet use has surged from fewer than 5 million users in 1993 to more than 62 million in 1997, sales of products and services on the Internet has grown even faster, rising approximately 300 percent annually. Analysts estimate online sales in the year 2000 will be between $200 billion and $1...

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