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Speech, Drugs, and Patent Infringement 语言、药物和专利侵权
Pub Date : 2020-12-07 DOI: 10.2139/SSRN.3744403
D. Bloomfield
The modern law of induced patent infringement contradicts the Patent Act and violates the First Amendment. As currently applied, the law unconstitutionally restricts speech, discourages the entry of generic drugs, and helps keep medicine prices high. Under current doctrine, a generic drugmaker is liable for induced infringement if its drug label so much as hints at using a product in a way that is covered by a patent. This is true even when there is no evidence that prescribers read generic drug labels and in cases when only an in-depth inquiry into the language of the label might promote infringement. As I show, this doctrine flies in the face of a simple reading of the statute. And by restricting lawful and non-misleading speech for such an attenuated purpose, it also violates the First Amendment. Modern patent inducement law should be revised because it unconstitutionally prolongs drug monopolies and undermines a key statutory path to generic competition. Revisiting the roots of inducement doctrine also leads to the surprising conclusion that method-of-use patents—a cornerstone of pharmaceutical intellectual property—are weaker than generally supposed.
诱导专利侵权的现代法律与专利法相矛盾,违反了第一修正案。按照目前的适用,该法律违宪地限制了言论,阻碍了仿制药的进入,并帮助维持了高药价。根据目前的原则,如果仿制药生产商的药品标签暗示其产品的使用方式属于专利范围,那么仿制药生产商就应对诱导侵权负责。即使在没有证据表明开处方者阅读仿制药标签,以及仅对标签的语言进行深入调查就可能促进侵权的情况下,情况也是如此。正如我所展示的,这一原则与对法令的简单解读背道而驰。由于限制合法且非误导性的言论以达到这种弱化的目的,它也违反了第一修正案。现代专利诱导法应该修改,因为它违宪地延长了药品垄断,破坏了通向仿制药竞争的关键法定途径。重新审视诱导原则的根源也会得出一个令人惊讶的结论,即使用方法专利——制药知识产权的基石——比通常认为的要弱。
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引用次数: 1
The Missing 15 Percent of Patent Citations 缺失的15%的专利引用
Pub Date : 2020-12-01 DOI: 10.2139/ssrn.3754772
Cyril Verluise, G. Cristelli, Kyle W. Higham, Gaétan de Rassenfosse
Patent citations are one of the most commonly-used metrics in the innovation literature. Leading uses of patent-to-patent citations are associated with the quantification of inventions' quality and the measurement of knowledgeflows. Due to their widespread availability, scholars have exploited citations listed on the front-page of patent documents. Citations appearing in the full-text of patent documents have been neglected. We apply modern machine learning methods to extract these citations from the text of USPTO patent documents. Overall, we are able to recover an additional 15 percent of patent citations that could not be found using only front-page data. We show that "in-text" citations bring a different type of information compared to front-page citations. They exhibit higher text-similarity to the citing patents and alter the ranking of patent importance. The dataset is available at patcit.io (CC-BY-4).
专利引用是创新文献中最常用的指标之一。专利对专利引用的主要用途与发明质量的量化和知识流动的测量有关。由于它们的广泛可用性,学者们利用了专利文件首页上列出的引文。出现在专利文件全文中的引文被忽略了。我们应用现代机器学习方法从USPTO专利文件的文本中提取这些引文。总的来说,我们能够恢复仅使用首页数据无法找到的额外15%的专利引用。我们发现,与头版引文相比,“文本内”引文带来了不同类型的信息。它们与被引用的专利表现出更高的文本相似性,并改变了专利重要性的排名。该数据集可在patpatit上获得。io (CC-BY-4)。
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引用次数: 3
A Global Decline in Research Productivity? Evidence from China and Germany 全球研究生产力下降?来自中国和德国的证据
Pub Date : 2020-12-01 DOI: 10.2139/ssrn.3644168
Paul Hünermund, P. Boeing
In a recent paper, Bloom et al. (2020) find evidence for a substantial decline in research productivity in the U.S. economy during the last 40 years. In this paper, we replicate their findings for China and Germany, using detailed firm-level data spanning three decades. Our results indicate that diminishing returns in idea production are a global phenomenon, not just confined to the U.S.
在最近的一篇论文中,Bloom等人(2020)发现了过去40年来美国经济研究生产力大幅下降的证据。在本文中,我们使用跨越三十年的详细企业层面数据,复制了他们在中国和德国的研究结果。我们的研究结果表明,创意产出的收益递减是一种全球现象,而不仅仅局限于美国
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引用次数: 21
Blockchain and Other Distributed Ledger Technologies, An Advanced Primer 区块链和其他分布式账本技术,高级入门
Pub Date : 2020-11-30 DOI: 10.2139/ssrn.3740067
G. Hilary
Although there are many versions of blockchain technology today, it was first introduced in 2008 as the technology supporting Bitcoin, the first successful virtual currency system. Yet in and of itself, Blockchain technology is much more than the underpinning for Bitcoin (and other cryptocurrencies) and has found many applications beyond its initial purpose. The goal of this advanced primer is to review the current state of this technology and to discuss some of its advantages and drawbacks in settings beyond crypto-currencies.
尽管今天区块链技术有很多版本,但它最早是在2008年作为支持比特币的技术引入的,比特币是第一个成功的虚拟货币系统。然而,就其本身而言,区块链技术不仅仅是比特币(和其他加密货币)的基础,而且已经发现了许多超出其最初目的的应用。这本高级入门书的目的是回顾这项技术的现状,并讨论它在加密货币以外的环境中的一些优点和缺点。
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引用次数: 3
Migration, Innovation, and Growth: An African Story? 移民、创新和增长:非洲的故事?
Pub Date : 2020-11-26 DOI: 10.4324/9780429288814-4
L. Mbaye, M. Tani
This chapter brings new evidence on the relationship between short-term labour mobility, as proxied by tourism flows, and innovation in Africa. Using data from 34 African countries over the period 2011-2016 sourced from the World Bank’s Enterprise Survey, we find that short–term mobility positively contributes to innovation, making this a potentially effective channel for economic development alongside established determinants such as investments in R&D, foreign direct investments, and trade. Short-term labour mobility thus emerges in Africa, too, as a prospective policy lever to generate new productive knowledge and promote sustainable economic growth.
本章为短期劳动力流动(以旅游流量为代表)与非洲创新之间的关系提供了新的证据。利用2011-2016年来自34个非洲国家的数据(来自世界银行的《企业调查》),我们发现短期流动性对创新有积极的贡献,使其与研发投资、外国直接投资和贸易等既定决定因素一起,成为经济发展的潜在有效渠道。因此,非洲也出现了短期劳动力流动,作为产生新的生产性知识和促进可持续经济增长的一种可能的政策杠杆。
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引用次数: 2
Distributed Ledger Technology (‘DLT’) and its Impact (on the Regulation of) European Investment Funds 分布式账本技术(“DLT”)及其对欧洲投资基金监管的影响
Pub Date : 2020-11-23 DOI: 10.2139/ssrn.3735886
Sebastiaan Niels Hooghiemstra
The emergence of blockchain, other distributed ledger technologies (‘DLT’) and the potential of asset tokenization has led to a lot of attention in the past three years. Despite ‘ICO scams’ in 2017 and 2018, the use of DLT-based tokens in financial markets has nevertheless kept growing, and asset tokenization has become one of the most prominent use-cases of DLTs in the financial markets. Tokenized assets includes securities (e.g. stocks and bonds), but also commodities (e.g. gold) and other non-financial assets (e.g. real estate). Asset tokenization has potential cross-cutting implications for financial market practices and participants, market infrastructures and regulators across a large range of financial instruments and asset classes.

Given the above, a discussion on the potential implications of asset tokenization and DLT in general for European investment funds is warranted. Increased use of DLT and asset tokenization could have widespread potential benefits in terms of cost and speed efficiencies, increased transparency and liquidity. Although the use of DLT and tokenization in (European) investment funds is currently limited, its potential is significant. Careful consideration of the possible impact of DLT and the use of asset tokenization in the field of (European) investment funds will allow policy makers to anticipate potential perils linked to the wider use of DLT by (European) investment funds.

This contribution provides a high-level overview of the use of DLT and asset tokenization for (European investment funds). It starts by giving a concise overview of European investment fund law in general. In particular, Section 2 explains the law and economics of European fund governance consisting of a tripartite relationship between fund managers, depositaries and investors. It continues to explain in Section 3 that, currently, the application of DLT has to be seen as a natural evolution of European investment funds and its legal framework; and not as disruption thereof. Section 4 touches upon the to be expected impact of DLT and asset tokenization on fund managers. It analyzes in detail the impact of DLT on the tasks of fund managers under the AIFMD and UCITSD consisting of (i) investment management, (ii) administration and (iii) marketing. Section 5 discusses the restrictions of European investment fund investing in tokenized assets set by European and national eligible asset requirements (i.e. ‘product regulation’). Section 6 discusses the impact of DLT and tokenized assets on AIFMD and UCITSD depositaries, Section 7 discusses the to be expected impacts of DLT on (European) investment funds on the short, medium and long-term and Section 8 concludes.
区块链、其他分布式账本技术(“DLT”)的出现以及资产标记化的潜力在过去三年中引起了很多关注。尽管在2017年和2018年出现了“ICO骗局”,但基于dlt的代币在金融市场上的使用仍在不断增长,资产代币化已成为dlt在金融市场上最突出的用例之一。代币化资产包括证券(如股票和债券),也包括商品(如黄金)和其他非金融资产(如房地产)。资产代币化对各种金融工具和资产类别的金融市场实践和参与者、市场基础设施和监管机构具有潜在的交叉影响。鉴于上述情况,有必要讨论资产代币化和DLT对欧洲投资基金的潜在影响。增加DLT和资产代币化的使用可能在成本和速度效率、提高透明度和流动性方面具有广泛的潜在好处。尽管DLT和代币化在(欧洲)投资基金中的使用目前有限,但其潜力巨大。仔细考虑DLT和资产代币化在(欧洲)投资基金领域的可能影响,将使政策制定者能够预测与(欧洲)投资基金更广泛使用DLT相关的潜在风险。这一贡献提供了DLT和资产代币化(欧洲投资基金)使用的高层次概述。本文首先简要概述了欧洲投资基金法的总体情况。特别是,第2节解释了欧洲基金治理的法律和经济学,包括基金经理、存管人和投资者之间的三方关系。它在第3节中继续解释说,目前,DLT的应用必须被视为欧洲投资基金及其法律框架的自然演变;而不是破坏它。第4节讨论了DLT和资产代币化对基金经理的预期影响。报告详细分析了分布式账本技术对基金管理基金和创新及科技署辖下基金经理的工作(包括(i)投资管理、(ii)行政和(iii)市场推广)的影响。第5节讨论了欧洲投资基金投资于欧洲和国家合格资产要求(即“产品监管”)所设定的代币化资产的限制。第6节讨论了DLT和代币化资产对AIFMD和UCITSD存款人的影响,第7节讨论了DLT对(欧洲)投资基金短期、中期和长期的预期影响,第8节得出结论。
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引用次数: 1
Information Inequality in Online Education 网络教育中的信息不平等
Pub Date : 2020-11-13 DOI: 10.2139/ssrn.3730109
Luis Armona, M. Rasouli
In this paper, we study platform solutions for improving customer engagement in online higher education by reducing informational inequality for historically under-represented groups in education such as females and workers seeking to improve their skill set. Using novel search and enrollment data from the largest online education platform in Iran, we estimate a structural model of course search and enrollment for paid courses, allowing us to recover learner belief's about courses, as well as their true preference over the characteristic space of online courses. We use machine learning methods to recover the latent characteristic space of courses, identifying which courses are substitutes via a data-driven approach. We document significant heterogeneity in how learners differing by gender and working status perceive course value, due to biased beliefs, relative to the true value. Counterfactual policy exercises suggest that the platform can increase revenue, improve consumer surplus, and reduce the gender gap in quantitative courses. Finally, we also present the problem faced by the platform from an information design perspective, and characterize the optimal signal the platform can send to learners with heterogenous priors to maximize an arbitrary objective function.
在本文中,我们研究了通过减少历史上代表性不足的教育群体(如女性和寻求提高技能的工人)的信息不平等来提高在线高等教育客户参与度的平台解决方案。利用来自伊朗最大的在线教育平台的新颖搜索和入学数据,我们估计了付费课程的课程搜索和入学的结构模型,使我们能够恢复学习者对课程的信念,以及他们对在线课程特征空间的真实偏好。我们使用机器学习方法来恢复课程的潜在特征空间,通过数据驱动的方法识别哪些课程是替代品。我们记录了不同性别和工作状态的学习者如何感知课程价值的显著异质性,由于偏见的信念,相对于真实价值。反事实的政策实践表明,该平台可以增加收入,提高消费者剩余,并减少定量课程中的性别差距。最后,我们还从信息设计的角度提出了平台所面临的问题,并描述了平台可以向具有异构先验的学习者发送的最优信号,以最大化任意目标函数。
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引用次数: 0
Financial Technologies and the Effectiveness of Monetary Policy Transmission 金融技术与货币政策传导的有效性
Pub Date : 2020-11-12 DOI: 10.2139/ssrn.3743203
I. Hasan, Boreum Kwak, Xiang Li
This study investigates whether and how financial technologies (FinTech) influence the effectiveness of monetary policy transmission. We use an interacted panel vector autoregression model to explore how the effects of monetary policy shocks change with regional-level FinTech adoption. Results indicate that FinTech adoption generally mitigates monetary policy transmission to real GDP, consumer prices, bank loans, and housing prices. A subcategorical analysis shows that the muted transmission is the most pronounced in the adoption of FinTech payment and credit, compared to that of insurance. The regulatory arbitrage and competition between FinTech and banks are the possible mechanisms leading to a mitigated monetary policy transmission.
本研究探讨金融科技(FinTech)是否以及如何影响货币政策传导的有效性。我们使用一个相互作用的面板向量自回归模型来探讨货币政策冲击的影响如何随着地区层面金融科技的采用而变化。结果表明,金融科技的采用通常会缓解货币政策对实际GDP、消费者价格、银行贷款和房价的传导。一项亚分类分析表明,与保险相比,在采用金融科技支付和信贷方面,无声传播最为明显。金融科技与银行之间的监管套利和竞争是导致货币政策传导减弱的可能机制。
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引用次数: 7
Productivity Gaps and Global Systematic Risk Exposure: Pricing Country-Industry Portfolios 生产率差距和全球系统性风险暴露:定价国家-行业组合
Pub Date : 2020-11-03 DOI: 10.2139/ssrn.3663430
Punit Anand, Ronald J. Balvers
Shocks transmitted from productivity leaders to lagging economies are systematic sources of risk. Global technology and knowledge diffusion leads to predictable patterns in productivity dynamics across countries and industries. Technology gaps determine the level of exposure to the systematic productivity shocks. Firms in a country-industry with larger technology gaps relative to the world leader are more dependent on the leader’s innovations compared to their own productivity improvements. They thus have higher loadings on the leader productivity shocks and higher average stock returns. For OECD panel data, a country-industry’s technology gap significantly predicts the stock returns of the country-industry: holding the quintile of country-industry portfolios with the largest gaps and shorting the quintile with the smallest gaps generates annual returns of 9.8% (6.7% after risk adjustment with standard factors). A factor representing the technological productivity gap explains country-industry portfolio returns substantially better than standard factor models. Loadings on leader-country productivity shocks have substantial correlation with technology gaps, and leader productivity shocks are more important for stock returns than idiosyncratic productivity shocks. These findings support that the technology gaps and associated higher average returns are indeed linked to systematic risk.
从生产率领先经济体向落后经济体传递的冲击是系统性的风险来源。全球技术和知识的扩散导致了各国和各行业生产率动态的可预测模式。技术差距决定了受到系统性生产率冲击的程度。与世界领先者相比,技术差距较大的国家(行业)的企业更依赖于领先者的创新,而不是自身生产率的提高。因此,他们对领导者生产率冲击的负荷更高,平均股票回报率也更高。对于OECD面板数据,国家-行业的技术差距显著地预测了国家-行业的股票收益:持有差距最大的五分之一的国家-行业投资组合,做空差距最小的五分之一,年回报率为9.8%(经标准因素风险调整后为6.7%)。代表技术生产率差距的一个因素比标准因素模型更能解释国家-行业组合回报。领导者-国家生产率冲击的负荷与技术差距有实质性的相关性,领导者生产率冲击对股票收益的影响比特殊生产率冲击更重要。这些发现表明,技术差距和相关的较高平均回报确实与系统性风险有关。
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引用次数: 0
Task Supply, Wage Earning, and Segmentation among Natives and Two Generations of Immigrants 本地人与两代移民的任务供给、工资收入与分工
Pub Date : 2020-11-02 DOI: 10.2139/ssrn.3723217
Shiyu Jiang
This paper studies the difference in task supplies and economic status between natives and two generations of immigrants. I estimate differences in task supply and earnings between natives and immigrants in 1970 and 2015, which are the beginning and end of the fifth (and current) wave of immigration to Canada. Furthermore, using a three-fold Blinder-Oaxaca decomposition, I link the average weekly wage of workers to their task productivity, and try to find the effects of the returns to tasks as well as different task supplies on the average wage gap between natives and immigrants. Finally, I use ordered probit and logit models to demonstrate and measure the significant effects of immigrant status on an employee's labor market segment.
本文研究了两代移民在工作供给和经济地位上的差异。我估计了1970年和2015年本地人和移民之间的任务供应和收入差异,这是加拿大第五次(也是当前)移民浪潮的开始和结束。此外,我使用三重Blinder-Oaxaca分解,将工人的平均周薪与他们的任务生产率联系起来,并试图找到任务回报以及不同任务供应对本地和移民之间平均工资差距的影响。最后,我使用有序probit和logit模型来证明和衡量移民身份对员工劳动力市场细分的显著影响。
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引用次数: 0
期刊
IO: Productivity
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