Northwestern Pritzker School of Law – Searle Center Eleventh Annual Conference on Innovation Economics

Thursday, June 21, 2018 – Friday, June 22, 2018

Northwestern Pritzker School of Law
Wieboldt Hall
340 E. Superior Street
Chicago, IL, 60611

The Searle Center on Law, Regulation, and Economic Growth presents the Eleventh Annual Conference on Innovation Economics to be held at Northwestern Pritzker School of Law, Thursday, June 21, 2018 – Friday, June 22, 2018. The USPTO is co-sponsoring this conference in conjunction with the Searle Center on Law, Regulation, and Economic Growth.

The conference will feature a Keynote Address by Luke Froeb, Deputy Assistant Attorney General for Economics, U.S. Department of Justice, Antitrust Division.

This conference is organized by Professor Daniel F. Spulber, Research Director of the Searle Center on Law, Regulation, and Economic Growth. Spulber is the Elinor Hobbs Distinguished Professor of International Business, Professor of Management Strategy, Kellogg School of Management, Professor of Law, Northwestern University School of Law (Courtesy). The scientific committee consisted of Pere Arque-Castells, Alberto Galasso, Christian Helmers, Ralph Siebert, and Daniel F. Spulber.

This conference is an important component of the Searle Center’s expanded focus on innovation economics. Conference participants will explore the connections between IP, innovation, and entrepreneurship through empirical and theoretical economic and legal analysis. This interdisciplinary conference will be composed of presentations by leading researchers in economics and law, and participating authors will have their papers formally discussed by leading thinkers in the field. In addition, the conference will draw audiences of academics in economics, law, and business, as well as legal and business practitioners, government officials, and public policy makers.

REGISTRATION: There is no registration fee for this conference, but attendance is by invitation only. To request an invitation, please send a message with your name, affiliation, and complete professional contact information to the Searle Center at searlecenter

Details on the discounted conference lodging room block at a nearby hotel will be distributed upon registration.

AGENDA:

Thursday, June 21

9:00 a.m. Registration Check-In

10:00 Welcome and Introduction to the Conference
Matthew L. Spitzer, Howard and Elizabeth Chapman Professor and Director, Searle Center on Law, Regulation, and Economic Growth at Northwestern University Pritzker School of Law
Daniel F. Spulber, Elinor Hobbs Distinguished Professor of International Business, Kellogg School of Management, and Research Director, Searle Center on Law, Regulation, and Economic Growth

10:00-11:30 Session One – Patents and Information
Session Chair: Christian Helmers, Santa Clara University

Patents, Data Exclusivity, and the Development of New Drugs
Fabian Gaessler, Max Planck Institute for Innovation and Competition
Stefan Wagner, ESMT European School of Management and Technology
Discussant: Bruno Versaevel, Emlyon Business School

R&D and Patent Decisions as Real Options under Ambiguity
Abraham Ravid, Sy Syms School of Business, Yeshiva University
Gabriela Coiculescu, Sy Syms School of Business, Yeshiva University
Yehuda Izhakiany, Zicklin School of Business, Baruch College
Discussant: Joaquin Poblete, Pontificia Universidad Catolica de Chile

A Wonderland after Alice: Abstraction and Uncertainty of Patentability
Nicholas Pairolero, United States Patent and Trademark Office
Jesse Frumkin, United States Patent and Trademark Office
Asrat Tesfayesus, United States Patent and Trademark Office
Andrew A. Toole, United States Patent and Trademark Office
Discussant: Joel Blit, Department of Economics, University of Waterloo

Notice Failure Revisited: Evidence on the Use of Virtual Patent Marking
Gaetan de Rassenfosse, Chair of Innovation and IP Policy, College of Management of Technology, Ecole polytechnique federale de Lausanne
Discussant: Georgios Effraimidis, Qualcomm Inc.

11:30-12:30 Lunch

12:30-2:30 Session Two – Innovation in the Long Run

Session Chair: Alberto Galasso, Rotman School of Management, University of Toronto

The Long-Run Impact of New Medical Ideas on Cancer Survival and Mortality
Frank R. Lichtenberg, Columbia University
Discussant: Simona Gamba, Department of Economics, University of Verona, Verona, Italy

Ideas-Driven Endogenous Growth and Standard-Essential Patents
Andrei Kirilenko, Imperial College Business School, Imperial College Business School
Albina Neklyudova-Khairullina, Ecole polytechnique federale de Lausanne
Artem Neklyudov, University of Lausanne and SFI
Christopher Tucci, Ecole polytechnique federale de Lausanne
Discussant: Iacopo Grassi, University of Naples FEDERICO II, Italy

The Relationship between Innovation and Firm Dynamics
John Baldwin, Economic Analysis Division, Statistics Canada
Kate Chen, Economic Analysis Division, Statistics Canada
Bob Gibson, Economic Analysis Division, Statistics Canada
Anne-Marie Rollin, Economic Analysis Division, Statistics Canada
Discussant: Gabriela Coiculescu, Assistant Professor of Finance, Yeshiva University, Sy Syms School of Business

2:30-3:00 Break

3:00-5:00 Parallel Session Three A – Intellectual Property and Incentives

Session Chair: Kamil Kiljanski, Chief Economist, DG Internal Market and Industry, European Commission

Optimal Patent Protection with Sequential and Complementary Innovations
Piercarlo Zanchettin, University of Leicester School of Business
Vincenzo Denicolo, University of Bologna and CEPR
Discussant: Georgios Petropoulos, Bruegel

Verifying High Quality: Entry for Sale
Pehr-Johan Norback, Research Institute of Industrial Economics (IFN)
Lars Persson, Research Institute of Industrial Economics (IFN) and CEPR
Roger Svensson, Research Institute of Industrial Economics (IFN)
Discussant: Gaston Llanes, Pontificia Universidad Catolica de Chile

Firm Creation and Moral Hazard in Teams
Pierre Mella-Barral, Toulouse Business School, University of Toulouse
Hamid Sabourian, University of Cambridge
Discussant: Francisco Ruiz-Aliseda, Pontificia Universidad Catolica de Chile

Optimal Standards of Proof for Non-Obviousness and Infringement
Ezra Friedman, Northwestern Pritzker School of Law
Abraham L. Wickelgren, University of Texas School of Law
Discussant: Joaquin Poblete, Pontificia Universidad Catolica de Chile

Parallel Session Three B – Location, Location, Location
Session Chair: Pere Arque-Castells, Searle Center on Law, Regulation, and Economic Growth, Northwestern Pritzker School of Law

Innovation Below North Dakota
Zack Liu, C.T. Bauer College of Business, University of Houston
Avishai Schiff, University of Texas, Austin
Nathan Swem, Economist, Board of Governors, Federal Reserve System
Discussant: Christopher Tucci, Ecole Polytechnique Federale de Lausanne

Technological Opportunity and the Locus of Innovation: Airmail, Aircraft, and Local Capabilities
Robert Seamans, Leonard N. Stern School of Business, New York University
Eunhee Sohn, Scheller College of Business, Georgia Institute of Technology
Daniel B. Sands, Leonard N. Stern School of Business, New York University
Discussant: Michal Grajek, ESMT Berlin

Pricing of Complements in the U.S. Freight Railroads: Cournot versus Coase
Alexei Alexandrov
Russell Pittman, U.S. Department of Justice
Olga Ukhaneva, Georgetown University
Discussant: E. Mark Curtis, Department of Economics, Wake Forest University

Thinking Outside the Box: Cross-border Effects of Tax Cuts for Intellectual Property
Maximilian Todtenhaupt, University of Mannheim and ZEW
Thomas Schwab, University of Mannheim, WU Vienna and ZEW
Discussant: Olga Ukhneva, Managing Consultant, Navigant Consulting and Senior Visiting Policy Scholar, Center for Business and Public Policy, Georgetown

5:00-6:00 Cocktail Reception

6:00 Dinner

7:00 Keynote Address

Introduction
Daniel F. Spulber, Kellogg School of Management, Northwestern University

Luke Froeb, Deputy Assistant Attorney General for Economics, U.S. Department of Justice Antitrust Division; William C. Oehmig Chair of Free Enterprise and Entrepreneurship, Vanderbilt’s Owen Graduate School of Management

Friday, June 22

8:00 a.m. Breakfast

9:00-11:00 Session Four – Innovation and Intellectual Property
Session Chair: Ralph Siebert, Purdue University, Department of Economics, Krannert School of Management

How Does Product Liability Risk Affect Innovation? Evidence From Medical Implants
Hong Luo, Harvard Business School
Alberto Galasso, Rotman School of Management, University of Toronto
Discussant: Rosemarie Ziedonis, Questrom School of Business, Boston University

The Elasticity of Science
Kyle Myers, National Bureau of Economic Research
Discussant: Benjamin Balsmeier, University of Luxembourg

What Explains Intellectual Property Use in Chile and Does It Make a Difference?
Christian Helmers, Santa Clara University
Carsten Fink, World Intellectual Property Organization
Bronwyn H. Hall, Department of Economics, University of California, Berkeley
Discussant: Roberto Álvarez, Universidad De Chile

Easy to Keep, But Hard to Find: How Patentable Inventions Are Being Kept Secret
David T. Angenendt, Department of Economics, University of Bologna
Discussant: Lubomir P. Litov, University of Oklahoma, Michael F. Price College of Business

11:00-11:15 Break

11:15-12:45 Parallel Session Five A – Science and Experience
Session Chair: Georgios Effraimidis, Qualcomm Inc.

The Value of Insiders: Evidence from the Effects of NSF Rotators on Early Career Scientists
Christos Kolympiris, University of Bath School of Management
Sebastian Hoenen, Rotterdam School of Management
Discussant: Eunhee Sohn, Scheller College of Business, Georgia Institute of Technology

Amateurs
Kevin Boudreau, Northeastern University and NBER
Discussant: Laurina Zhang, Scheller College of Business, Georgia Institute of Technology

Science Is Shaped by Wikipedia: Evidence from a Randomized Control Trial
Neil Thompson, MIT Sloan School of Management
Douglas Hanley, University of Pittsburgh
Discussant: Arvids Ziedonis, Questrom School of Business, Boston University

Parallel Session Five B – Financing Innovation and Entrepreneurship
Session Chair: Ramy Elitzur, Rotman School of Management, University of Toronto

Off-Balance Sheet Securitization, Bank Lending, and Corporate Innovation
Zhaoxia Xu, School of Banking and Finance, UNSW Business School
Yiwei Dou, New York University
Discussant: Jing Huang, Pamplin College of Business, Virginia Tech

Herding in Equity Crowdfunding
Thomas Astebro, HEC Paris
Manuel Fernandez, Economics Department, Oxford University
Stefano Lovo, HEC Paris
Nir Vulkan, Said Business School, Oxford University
Discussant: Artyom Jelnov, Ariel University, Israel

Competition in the Venture Capital Market and the Success of Startup Companies: Theory and Evidence
Suting Hong, School of Entrepreneurship and Management, ShanghaiTech University
Konstantinos Serfes, School of Economics, LeBow College of Business, Drexel University
Veikko Thiele, Smith School of Business, Queen’s University
Discussant: Elvira Sojli, UNSW Business School

12:45-1:30 Lunch

1:30-3:00 Session Six – Patents (Wieboldt Hall #147)
Session Chair: Andrew A. Toole, U.S. Patent and Trademark Office

How Redeployable are Patent Assets? Evidence from Failed Startups
Carlos J. Serrano, Universitat Pompeu Fabra and Barcelona GSE
Rosemarie Ziedonis, Questrom School of Business, Boston University and NBER
Discussant: Nathan Swem, Economist, Board of Governors, Federal Reserve System

Getting International Patents: Does the Quality of Patent Attorney Matter?
Beth Webster, Swinburne University of Technology, Melbourne, Australia
Gaetan de Rassenfosse, Ecole polytechnique federale de Lausanne
Paul H. Jensen, The University of Melbourne, Melbourne
T’Mir D. Julius, Swinburne University of Technology, Melbourne, Australia
Alfons Palangkaraya, Swinburne University of Technology, Melbourne, Australia Discussant: Richard D. Miller, Office of Chief Economist, U.S. Patent and Trademark Office

Patent Validity Challenges and The America Invents Act
Talia Bar, Department of Economics, University of Connecticut
Brendan Costello, Department of Economics, Yale University
Discussant: Avik Chakrabarti Department of Economics, UWM

3:00 Adjourn

ABOUT THE SEARLE CENTER: The Searle Center on Law, Regulation, and Economic Growth at Northwestern Pritzker School of Law was established in 2006 to research how government regulation and interpretation of laws and regulations by the courts affect business and economic growth.