Do Firms Underinvest in Long-Term Research? Evidence from Cancer Clinical Trials
We investigate whether private research investments are distorted away from long-term projects. Our theoretical model highlights two potential sources of this distortion: short-termism and the fixed patent term. Our empirical context is cancer research, where clinical trials -- and hence, project du...
| Main Authors: | , , |
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| Other Authors: | , |
| Format: | Article |
| Language: | English |
| Published: |
American Economic Association,
2015-07-28T17:32:07Z.
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| Subjects: | |
| Online Access: | Get fulltext |