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@techreport{NBERw25068,
 title = "When does Product Liability Risk Chill Innovation? Evidence from Medical Implants",
 author = "Galasso, Alberto and Luo, Hong",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "25068",
 year = "2018",
 month = "September",
 doi = {10.3386/w25068},
 URL = "http://www.nber.org/papers/w25068",
 abstract = {Liability laws designed to compensate for harms caused by defective products may also affect innovation. We examine this issue by exploiting a major quasi-exogenous increase in liability risk faced by US suppliers of polymers used to manufacture medical implants. Difference-in-differences analyses show that this surge in suppliers’ liability risk had a large and negative impact on downstream innovation in medical implants, but it had no significant effect on upstream polymer patenting. Our findings suggest that liability risk can percolate throughout a vertical chain and may have a significant chilling effect on downstream innovation.},
}