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1. B. Hall, A. Jaffe, and M. Trajtenberg, "The NBER Patent Citation Data File:Lessons, Insights, and Methodological Tools," NBER Working Paper No. 8498, October 2001, and in A. Jaffe and M. Trajtenberg, eds., Patents, Citations, and Innovations, Cambridge, Massachusetts, The MIT Press, 2002.   Go to ⤴︎
2. E. Budish, B. Roin, and H. Williams, "Do Firms Underinvest in Long-Term Research? Evidence From Cancer Clinical Trials," NBER Working Paper No. 19430, September 2013, and American Economic Review, 105(7), 2015, pp. 2044-85.   Go to ⤴︎
3. H. Williams, "Intellectual Property Rights and Innovation: Evidence From the Human Genome," NBER Working Paper No. 16213, July 2010, and Journal of Political Economy, 121(1), 2013, pp. 1-27; B. Sampat and H. Williams, "How Do Patents Affect Follow-On Innovation? Evidence From the Human Genome," NBER Working Paper No. 21666, October 2015, and American Economic Review, 109(1), 2019, pp. 203-36.   Go to ⤴︎
4. Ibid, NBER Working Paper No. 19430.   Go to ⤴︎
5. See, e.g., J. Stein, "Agency, Information, and Corporate Investment," NBER Working Paper No. 8342, June 2001, and in G. Constantinides, M. Harris, and R. Stulz, eds., Handbook of the Economics of Finance, Amsterdam, The Netherlands: Elsevier B.V., (1A), 2003, pp. 111-65; J. Stein, Quarterly Journal of Economics, 104(4), 1989, pp. 655-69.   Go to ⤴︎
6. For one recent paper that is an exception to this statement, see A. Galasso and M. Schankerman, "Patents and Cumulative Innovation: Causal Evidence From the Courts," NBER Working Paper No. 20269, July 2014, and Quarterly Journal of Economics, 130 (1), 2015, pp. 317-69.   Go to ⤴︎
7. International Human Genome Sequencing Consortium, "Initial Sequencing and Analysis of the Human Genome," Nature, 409(6822), 2001, pp. 860-21; J. Venter, et al., "The Sequence of the Human Genome," Science, 291(5507), 2001, pp. 1304-51.   Go to ⤴︎
8. "Human Genomes, Public and Private," Nature, 409(6822), 2001, p. 745.   Go to ⤴︎
9. Ibid, NBER Working Paper No. 16213, January 2013.   Go to ⤴︎
10. Ibid, NBER Working Paper No. 21666, August 2018 and American Economic Review, 109(1), 2019, pp. 203-36. Go to ⤴︎
11. The lower line in Figure 2 shows that genes that were never included in any patent applications were the subject of many fewer clinical trials over this entire period, suggesting that — perhaps unsurprisingly — there was positive selection of genes into patent applications.   Go to ⤴︎
12. J. Farre-Mensa, D. Hegde, and A. Ljungqvist, "What Is a Patent Worth? Evidence From the U.S. Patent 'Lottery'," NBER Working Paper No. 23268, December 2018; P. Kline, N. Petkova, H. Williams, and O. Zidar, "Who Profits from Patents? Rent-Sharing at Innovative Firms," NBER Working Paper No. 25245, November 2018, and forthcoming in the Quarterly Journal of Economics; P. Gaule, "Patents and the Success of Venture-Capital Backed Startups: Using Examiner Assignment to Estimate Causal Effects," 2015, unpublished CERGE-EI Working Paper, Series No. 546; J. Feng and X. Jaravel, "Crafting Intellectual Property Rights: Implications for Patent Assertion Entities, Litigation, and Innovation," 2016, unpublished Harvard mimeo. Go to ⤴︎


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