"The Elasticity of Science"
American Economic Journal: Applied Economics, 2020, 12(4), 103–134.
The adjustment costs of science -- getting scientists to study what you want and not what they want -- are large, very large!
"Unequal Effects of the COVID-19 Pandemic on Scientists"
with Wei Yang Tham, Yian Yin, Nina Cohodes, Jerry Thursby, Marie Thursby, Peter Schiffer, Joseph Walsh, Karim Lakhani, and Dashun Wang
Nature Human Behaviour, 2020, 4, 880–883.
Scientists experienced a wide range of disruptions to their work in the early months of the COVID-19 pandemic, with the largest declines amongst those in the "bench sciences," female scientists, and researchers with young children at home.
"Endogenous Productivity of Demand-Induced R&D: Evidence from Pharmaceuticals"
with Mark Pauly
RAND Journal of Economics, 2019; 50 (3), 591–614.
Download final working paper version [Last revised: January 2019]
When people want more new drugs, firms are happy to invest in ideas that cost more. And as we run out of "low hanging fruit" while demand keeps growing, R&D costs will naturally grow.
"Towards recovery: Scientists with better ratings of their institution’s response to the COVID-19 pandemic have more optimistic forecasts about their future research"
with Karim Lakhani and Dashun Wang
We show how scientists’ forecasts of pandemic-related disruptions to their research depend on the eventual length of the COVID-19 pandemic. Scientists that think approve of their institution’s response to the pandemic have more optimistic forecasts, even when controlling for their current level of disruptions.
"Research Subsidy Spillovers, Two Ways"
with Lauren Lanahan
The spillovers from public investments in energy research are big and reach far across geographic and technological space. So much so that focusing just on firms that directly receive grants causes you to miss a lot of what's going on.
"No Free Lunch? Welfare Analysis of Firms Selling Through Expert Intermediaries"
with Matt Grennan, Ashley Swanson and Aaron Chatterji
Drug firms take certain doctors out to lunch and this influences prescriptions, and we figure out when this is good or bad. In the case we study -- cholesterol-lowering statins -- it seems like it's good for consumers because they'd otherwise use too little.
"Pharmaceutical Trends, Not What They Seem"
with Mark Pauly
In Managing Discovery in the Life Sciences, eds. Philip Rea, Mark Pauly, and Lawton Burns, pp. 18-42. Cambridge: Cambridge University Press, 2018.
"The Direction of Biomedical Science"
Prepared for the NBER-IFS International Network on the Value of Medical Research (See more here).
How should the allocation of science in the economy be determined? How do scientists choose to pursue different types of trajectories? How do public policies influence these macro- and micro-level outcomes? This survey outlines longstanding questions and recent research surrounding the economics of science with a focus on biomedical research.