|
on Regulation |
| By: | Valentin Mahler (PERSEE - Centre Procédés, Énergies Renouvelables, Systèmes Énergétiques - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - Université Paris sciences et lettres, ADEME - Agence de l'Environnement et de la Maîtrise de l'Energie); Robin Girard (PERSEE - Centre Procédés, Énergies Renouvelables, Systèmes Énergétiques - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - Université Paris sciences et lettres); Georges Kariniotakis (PERSEE - Centre Procédés, Énergies Renouvelables, Systèmes Énergétiques - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - Université Paris sciences et lettres) |
| Abstract: | In many countries, electricity prices on day-ahead auction markets result from a market clearing designed to maximize social welfare. For each hour of the day, the market price can be represented as the intersection of a supply and demand curve. Structural market models reflect this price formation mechanism and are widely used in prospective studies guiding long-term decisions (e.g. investments and market design). However, simulating the supply curve in these models proves challenging since estimating the sell orders it comprises (i.e. offer prices and corresponding quantities) typically requires formulating numerous techno-economic hypotheses about power system assets and the behaviors of market participants. Due to imperfect competition, real market prices differ from the theoretical optimum, but modeling this difference is not straightforward. The objective of this work is to propose a model to simulate prices on day-ahead markets that account for the optimal economic dispatch of generation units, while also making use of historical day-ahead market prices. Inferring from historical data is especially important when not all information is made public (e.g. bidding strategies) or due to difficulty in accurately accounting for qualitative notions in quantitative models (e.g. market power). In this paper we propose a method for the parametrization of sell orders associated with production units. The estimation algorithm for this parametrization makes it possible to mitigate the requirement for analytic formulation of all of the above-mentioned aspects and to take advantage of the ever-increasing volume of available data on power systems (e.g. technical and market data). Parametrized orders also offer the possibility to account for various factors in a modular fashion, such as the strategic behavior of market participants. The proposed approach is validated using data related to the French day-ahead market and power system, for the period from 2015 to 2018. |
| Keywords: | Day-ahead markets,Electricity prices,Structural market model,Prospective studies,Power systems |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03542564&r= |
| By: | Don Fullerton; Chi L. Ta |
| Abstract: | Our new analytical general equilibrium model is used to study effects of tightening state Renewable Portfolio Standards (RPS) on electricity price, CO2 emissions, fossil fuel electricity generation, and two kinds of renewable generation. We show how those outcomes depend on key state characteristics such as endowments of potential intermittent and non-intermittent (“dispatchable”) renewable sources and the degree of intermittency. Our three extensions investigate key assumptions. We prove theorems and derive empirical hypotheses about what state characteristics makes RPS programs more effective. Using U.S. state-level data from 1990 to 2015, we find the data are consistent with these hypotheses. |
| JEL: | H23 Q28 Q42 |
| Date: | 2022–02 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29783&r= |
| By: | Philippe Aghion (Collège de France); Roland Bénabou (Princeton University); Ralf Martin (Imperial College London); Alexandra Roulet (INSEAD) |
| Abstract: | We investigate the effects of consumers' environmental concerns and market competition on firms' decisions to innovate in "clean" technologies. Agents care about their consumption and environmental footprint; firms pursue greener products to soften price competition. Acting as complements, these forces determine R&D, pollution, and welfare. We test the theory using panel data on patents by 8,562 automobile-sector firms in 41 countries, environmental willingness-to pay, and competition. As predicted, exposure to prosocial attitudes fosters clean innovation, all the more so where competition is strong. Plausible increases in both together can spur it as much as a large fuel-price increase. |
| Keywords: | climate change, Competition, Environment, Innovation, Patents, Social Responsibility |
| JEL: | D21 D22 D62 D64 H23 O30 O31 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:pri:econom:2021-64&r= |
| By: | Pretto, Madeline (Monash University) |
| Abstract: | Do households comprehend the nature of price tail-risks inherent to real-time electricity pricing plans? Through an incentivised online experiment, we find that a probabilistic risk disclosure elicits greater demand for real-time pricing (RTP) products relative to a low-risk fixed-price alternative, without improving comprehension of tail-risk in RTP. Participants also show a tendency to place low value on tail-risk protection. Finally, the experience of a bill shock improves risk comprehension and drives choice away from RTP, suggesting that personal experience plays a greater role in self-imposed risk protection than does a probabilistic risk disclosure. We discuss the implications these findings may have for regulators with a consumer protection mandate. |
| Keywords: | Vietnam retail electricity market ; block rate pricing ; welfare effect ; electricity externalities ; demand function ; cash transfer ; quantity-based subsidy JEL Classification: D12 ; D63 ; Q41 ; Q48 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:wrk:wrkesp:25&r= |
| By: | Bart Capéau; Duygu Güner; Nabil Sheikh Hassan; Jonas Vanderkelen; Toon Vanheukelom; Stijn Van Houtven; André Decoster |
| Abstract: | Belgian households are hit hard by the ongoing energy crisis. This was already the case before the Russian invasion of Ukraine, when energy prices increased because of a supply shock, exacerbated by the uplift in economic growth and accompanying higher demand for energy products. Year‐on‐year inflation stood at 8.0% in February 2022, the highest level in Belgium since August 1983 (Statbel 2022). The increase of the Consumer Price Index is driven by a price increase in electricity (+72.8%) and gas (+133.7%). However, not all households are faced with such a large price increase. Households with a fixed contract1 are protected – at least temporarily – against the adverse price shocks. New energy contracts are generally flexible. The longer the inflated prices persist, the more fixed contracts will end and forcibly be renewed with higher, flexible rates. The duration of this crisis is therefore of importance for the impact of the price shock and the time window covered by the analysis will thus affect itsassessment. The price shock is also asymmetric because of differences in household consumption patterns. While households in the bottom income decile spend 7.3% of their disposable income on electricity and gas, households in the top decile only spend 2.3%, and large differences within thedeciles exist as well. |
| Date: | 2022–03 |
| URL: | http://d.repec.org/n?u=RePEc:eca:wpaper:2013/340755&r= |
| By: | Stéphane Allard (G2ELab - Laboratoire de Génie Electrique de Grenoble - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes); Vincent Debusschere (G2ELab - Laboratoire de Génie Electrique de Grenoble - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes); Silvana Mima (GAEL - Laboratoire d'Economie Appliquée de Grenoble - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes); Tuan Tran Quoc (INES - Institut National de L'Energie Solaire - CNRS - Centre National de la Recherche Scientifique - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc - CEA - Commissariat à l'énergie atomique et aux énergies alternatives); Nouredine Hadjsaid (G2ELab - Laboratoire de Génie Electrique de Grenoble - CNRS - Centre National de la Recherche Scientifique - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes); Patrick Criqui (GAEL - Laboratoire d'Economie Appliquée de Grenoble - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - UGA - Université Grenoble Alpes - Grenoble INP - Institut polytechnique de Grenoble - Grenoble Institute of Technology - UGA - Université Grenoble Alpes) |
| Abstract: | Previous works proposed a tool coupling models of a prospective outlook on long-term energy systems and a transmission grid investment and dispatch, focusing on the representation of the European transmission grid and its development on the horizon 2050–2100. In this paper, this prospective tool is further improved with the capacity to compute voltage as well as active and reactive power flows at the level of the distribution grid. This added capacity allows analyzing various issues related to the integration of variable energy resources in three representative real medium voltage distribution grids (urban, rural and semi-urban). Technical flexibility solutions such as on-load tap changers, variable energy resources curtailment and storage technologies are modeled and compared to reinforcement. A cost comparison between these flexibility solutions is also carried out. Finally, the new version of the tool is used to evaluate the CO2−eq emissions linked to the development of the European power system infrastructure, with flexibility solutions, up to the year 2050 (both high voltage alternative and direct current lines reinforcement being considered) under a 2 °C climate energy policy scenario. Results show that it exists various options for the development of the European grid infrastructure, which are clearly sensitive to the level of accuracy in the representation of the physical infrastructures and their technical limitations. Being able to represent the distribution grid, in addition to the transmission one, has a noticeable impact on the prospective outlook of the European power systems both in terms of infrastructure reinforcement and estimation of the needs of flexibility solutions. |
| Keywords: | Long-term planning,European transmission grid,Distribution grids,Variable energy resources,Storage systems,Flexibility solutions |
| Date: | 2020–07–15 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03133109&r= |
| By: | Arthur Thomas (IFPEN - IFP Energies nouvelles - IFPEN - IFP Energies nouvelles, LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - IUML - FR 3473 Institut universitaire Mer et Littoral - UBS - Université de Bretagne Sud - UM - Le Mans Université - UA - Université d'Angers - CNRS - Centre National de la Recherche Scientifique - IFREMER - Institut Français de Recherche pour l'Exploitation de la Mer - UN - Université de Nantes - ECN - École Centrale de Nantes - IEMN-IAE Nantes - Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes - UN - Université de Nantes); Olivier Massol (IFPEN - IFP Energies nouvelles - IFPEN - IFP Energies nouvelles, IFP School, City University of London); Benoît Sévi (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - IUML - FR 3473 Institut universitaire Mer et Littoral - UBS - Université de Bretagne Sud - UM - Le Mans Université - UA - Université d'Angers - CNRS - Centre National de la Recherche Scientifique - IFREMER - Institut Français de Recherche pour l'Exploitation de la Mer - UN - Université de Nantes - ECN - École Centrale de Nantes - IEMN-IAE Nantes - Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes - UN - Université de Nantes) |
| Abstract: | The purpose of this paper is to investigate whether the next day's consumption of natural gas can be accurately forecast using a simple model that solely incorporates the information contained in dayahead market data. Hence, unlike standard models that use a number of meteorological variables, we only consider two predictors: the price of natural gas and the spark ratio measuring the relative price of electricity to gas. We develop a suitable modeling approach that captures the essential features of daily gas consumption and in particular the nonlinearities resulting from power dispatching. We use the case of France as an application as this is, as far as is known, the very first attempt to model and predict the country's daily gas demand. Our results document the existence of a long-run relation between demand and spot prices and provide estimates of the own- and cross-price elasticities. We also provide evidence of the pivotal role of the spark ratio which is found to have an asymmetric and highly nonlinear impact on demand variations. Lastly, we show that our simple model is sufficient to generate predictions that are considerably more accurate than the forecasts published by infrastructure operators. |
| Keywords: | Natural Gas Markets,Day-Ahead Prices,Demand Price Elasticity,Load Forecasting |
| Date: | 2022–09–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03521140&r= |
| By: | Christian Bontemps (ENAC - Ecole Nationale de l'Aviation Civile, TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Raquel Menezes Bezerra Sampaio (UFRN - Universidade Federal do Rio Grande do Norte [Natal]) |
| Abstract: | In this paper we review the literature on static entry games and show how they can be used to estimate the market structure of the airline industry. The econometrics challenges are presented, in particular the problem of multiple equilibria and some solutions used in the literature are exposed. We also show how these models, either in the complete information setting or in the incomplete information one, can be estimated from i.i.d. data on market presence and market characteristics. We illustrate it by estimating a static entry game with heterogeneous firms by Simulated Maximum Likelihood on European data for the year 2015. |
| Keywords: | Estimation,Airlines,Multiple equilibria,Entry,Industrial organization |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02137358&r= |
| By: | Marc Ivaldi (TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Jiekai Zhang (Hanken School of Economics) |
| Abstract: | The empirical analysis of media platforms economics has often neglected the multi-homing behaviour of advertisers. Assuming away the cross-substitutability and/or complementarity between the advertising slots of different platforms could damage the quality and the robustness of counterfactual analysis. To evaluate the consequence of such an abstraction, we compare the simulation results of hypothetical platform mergers when the demand on the advertising side is derived from a Translog cost model which allows for multi-homing, and when it is approximated by using a simple log-linear inverse demand model that ignores the differentiation among media platforms' advertising slots. Ignoring the existence of substitutes or complements on the advertising side would result in overpredicting the losses of the viewers' surplus and in underpredicting the gains in platforms' revenues |
| Keywords: | Two-sided market,Platform merger,Advertising,TV market,Competition policy |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03472984&r= |
| By: | Jean-Paul Simon; Pierre-Jean Benghozi (X-DEP-MIE - Département de Management de l'Innovation et Entreprenariat de l'École polytechnique - X - École polytechnique) |
| Abstract: | Over the last decades, media, IT and telecoms have been transitioning away from siloed markets dominated by legacy players. New entrants have been the engines of disruptive changes and the media sectors have witnessed new dynamics, opening up a phase of increased competition with competing business models. The context of convergence thus differs deeply from 20 years ago. The first section of the paper presents a picture of the European audio-visual markets, stressing its main features. It concentrates on the audiovisual service markets, describing its streams of revenue and structure. The second section tracks the way the European Commission has been dealing with the regulation of content over the last three decades. It sums up its main initiatives, goals and rationales. It shows how the European Commission has been catching up with technology with the progressive setting up of a two-pronged framework: sectoral (broadcasting-telecommunications) on the one hand, information society (e-commerce now digital services) framework on the other hand. The paper concludes with an assessment of the design and effectiveness of the policies, particularly DSA/DMA, and a view on the transition of the audiovisual markets. Based on a series of reports and research updated by desk research, the article reviews some of the existing literature, official publications and industry and consultancy data. |
| Keywords: | digital economy,audiovisual industry,convergence,European regulation |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03503856&r= |
| By: | Pierre Vialle (MMS - Département Management, Marketing et Stratégie - TEM - Télécom Ecole de Management - IMT - Institut Mines-Télécom [Paris] - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris], LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - UEVE - Université d'Évry-Val-d'Essonne - Université Paris-Saclay - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris]); Jason Whalley (University of Northumbria at Newcastle [United Kingdom]); Shengxing Yang (Université Paris-Saclay) |
| Abstract: | To analyse the internationalisation process of a mobile operator and highlight the specificities of this particular industry. Design/methodology/approach - Longitudinal single case study based on document research. Findings - The internationalisation process differs from the main model (Uppsala model). It is necessitates the ability to seize opportunities as they arise. Seizing such opportunities leads directly to an initial strong commitment without going through a process of gradual commitment. The role of regulation is also outlined. Originality/Value - While studies on the internationalisation of (mobile) operators have been, the process of internationalisation has not been conceptualised in comparison with the main model. |
| Keywords: | Innovation,Italy,Internationalisation,Entry,Disruption,Mobile Telecommunications |
| Date: | 2021–12–20 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03549645&r= |
| By: | Go, Geoffrey (Monash University) |
| Abstract: | The recent ‘News Media Bargaining Code’ has raised controversy as Australia attempts to force digital platforms to pay news publishers for their links and snippets. To understand the impacts of the bargaining code on both the sustainability and quality of journalism, we develop a model where there are two types of news content available to consumers : full news from the news publisher and snippets on the platform. We show that the bargaining code strictly improves the news publisher’s welfare but increases their joint investment incentives if and only if the relative investment in snippets is suffciently large. We further establish that commercial agreements are a promising alternative that strictly increases both the welfare of news publishers and the quality of their news. Our results suggest that the bargaining code is better used as an indirect threat to promote fair commercial negotiations, rather than used directly. |
| Keywords: | advertising ; online platforms ; content sharing ; journalism JEL Classification: L52 ; L82 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:wrk:wrkesp:23&r= |
| By: | Renzhe Xu; Xingxuan Zhang; Peng Cui; Bo Li; Zheyan Shen; Jiazheng Xu |
| Abstract: | Personalized pricing is a business strategy to charge different prices to individual consumers based on their characteristics and behaviors. It has become common practice in many industries nowadays due to the availability of a growing amount of high granular consumer data. The discriminatory nature of personalized pricing has triggered heated debates among policymakers and academics on how to design regulation policies to balance market efficiency and equity. In this paper, we propose two sound policy instruments, i.e., capping the range of the personalized prices or their ratios. We investigate the optimal pricing strategy of a profit-maximizing monopoly under both regulatory constraints and the impact of imposing them on consumer surplus, producer surplus, and social welfare. We theoretically prove that both proposed constraints can help balance consumer surplus and producer surplus at the expense of total surplus for common demand distributions, such as uniform, logistic, and exponential distributions. Experiments on both simulation and real-world datasets demonstrate the correctness of these theoretical results. Our findings and insights shed light on regulatory policy design for the increasingly monopolized business in the digital era. |
| Date: | 2022–02 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2202.04245&r= |
| By: | Georges Casamatta (LISA - Lieux, Identités, eSpaces, Activités - UPP - Université Pascal Paoli - CNRS - Centre National de la Recherche Scientifique, TSE - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Sauveur Giannoni (LISA - Lieux, Identités, eSpaces, Activités - UPP - Université Pascal Paoli - CNRS - Centre National de la Recherche Scientifique); Daniel Brunstein (LISA - Lieux, Identités, eSpaces, Activités - UPP - Université Pascal Paoli - CNRS - Centre National de la Recherche Scientifique); Johan Jouve (LISA - Lieux, Identités, eSpaces, Activités - UPP - Université Pascal Paoli - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | The literature on short-term rental emphasises the heterogeneity of the hosts population. Some argue that professional and opportunistic hosts differ in terms of their pricing strategy. This study highlights how differences in market perception and information create a price differential between professional and non-professional players. Proposing an original and accurate definition of professional hosts, we rely on a large dataset of almost 9,000 properties and 73,000 observations to investigate the pricing behaviour of Airbnb sellers in Corsica (France). Using OLS and the double-machine learning methods, we demonstrate that a price differential exists between professional and opportunistic sellers. In addition, we assess the impact of seasonality in demand on the size and direction of this price differential. We find that professionals perceive a higher degree of market power than others during the peak season and it allows them to enhance their revenues. |
| Keywords: | Short-term rental,Pricing,Professionalism,Double machine learning,Seasonality,Market-power |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03250484&r= |
| By: | Paolo Garella (Department of Economics, Management and Quantitative Methods (DEMM) - UNIMI - Università degli Studi di Milano [Milano]); Didier Laussel (AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique); Joana Resende (Cef.up, Economics Department, University of Porto) |
| Abstract: | We study price personalization in a two period duopoly with vertically differentiated products. In the second period, a firm not only knows the purchase history of all customers, as in standard Behavior Based Price Discrimination models, but it also collects detailed information on its old customers, using it to engage in price personalization. The analysis reveals that there exists a natural market for each firm, defined as the set of customers that cannot be poached by the rival in the second period. The equilibrium is unique, except when firms are ex-ante almost identical. In equilibrium, only the firm with the largest natural market poaches customers from the rival. This firm has highest profits but not necessarily the largest market share. Aggregate profits are lower than under uniform pricing. All consumers gain, total welfare is higher herein than under uniform pricing if firms' natural markets are sufficiently asymmetric. The low quality firm chooses the minimal quality level and a quality differential arises, though the exact choice for the high quality depends upon the cost specification. |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03263513&r= |
| By: | Juan Ortner (Boston University); Sylvain Chassang (New York University); Jun Nakabayashi (Kindai University); Kei Kawai (U.C. Berkeley) |
| Abstract: | We propose a theory of equilibrium antitrust oversight in which: (i) regulators launch investigations on the basis of suspicious bidding patters; (ii) cartels can adapt to the statistical screens used by regulators; and may in fact use them to enforce cartel compliance. We emphasize the use of safe tests; i.e. tests that can be passed by competitive players under a broad class of environments. Such tests do not hurt competitive industries and do not help cartels support new collusive equilibria. We show that optimal collusive schemes in plausible environments fail natural safe tests; and that cartel responses to such tests explain unusual patterns in bidding data from procurement auctions held in Japan. This provides evidence that adaptive responses from cartels is a real concern that data-driven antitrust frameworks should take into account. |
| Keywords: | collusion, auctions, procurement, antitrust |
| JEL: | D44 D43 |
| Date: | 2020–03 |
| URL: | http://d.repec.org/n?u=RePEc:pri:econom:2020-59&r= |
| By: | Deepak Hegde; Kyle F. Herkenhoff; Chenqi Zhu |
| Abstract: | How does the publication of patents affect innovation? We answer this question by exploiting a large-scale natural experiment—the passage of the American Inventor's Protection Act of 1999 (AIPA)—that accelerated the public disclosure of most U.S. patents by two years. We obtain causal estimates by comparing U.S. patents subject to the law change with “twin” European patents which were not. After AIPA's enactment, U.S. patents receive more and faster follow-on citations, indicating an increase in technology diffusion. Technological overlap increases between distant but related patents and decreases between highly similar patents, and patent applications are less likely to be abandoned post-AIPA, suggesting a reduction in duplicative R&D. Firms exposed to one standard deviation longer patent grant delays increased their R&D investment by 4% after AIPA. These findings are consistent with our theoretical framework in which AIPA provisions news shocks about related technologies to follow-on inventors and thus alters their innovation decisions. |
| JEL: | D23 E02 G24 L26 O34 |
| Date: | 2022–02 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29770&r= |