New Ideas in Invention
---- Acknowledgments ----
A previous version of this paper was circulated under the title "Words in Patents: Research Inputs and the Value of Innovativeness in Invention.'' We thank Darius Lakdawalla, Dana Goldman, Alan Garber, Richard Freeman, John Ham, Josh Graff Zivin, David Blau, Joel Blit, Subhra Saha, Tom Philipson, Neeraj Sood, Pierre Azoulay, Grant Miller, Jeremy Goldhaber-Fiebert, and Gerald Marschke for their comments on early drafts of this paper and for their encouragement. We also thank seminar participants at the Harvard Business School, Stanford School of Medicine, University of Guelph, and especially Bruce Weinberg's working group on innovation and science at the NBER for excellent feedback. Despite all this help, the authors are responsible for all errors in the paper. We acknowledge financial support from the National Institute on Aging grant P01-AG039347. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.