Is the Patent System an Even Playing Field? The Effect of Patent Attorney Firms

The patent system underpins the business model of some of the fastest-growing companies. Used appropriately, it should support frontier technologies and nurture new firms. Used perniciously, it can stifle innovation and protect established technological behemoths. We analyze patent examination decisions at the American, European, Japanese, Korean, and Chinese patent offices and find evidence that patent attorneys have a surprisingly significant role in the patent system. Our results suggest that some forces within the examination system maintain the uneven playing field by allocating monopoly rights to inventors with better access to influential attorneys, rather than leveling it by favoring inventors with better, nonobvious ideas. Attorney quality is most important, vis-à-vis invention quality, in less codified and more rapidly changing technology areas such as software and ICT.     

Hospital demand for physicians

This article develops a derived demand for physicians that is general enough to encompass physician control, simple profit maximization and hospital utility maximization models of the hospital. The analysis focuses on three special aspects of physician affiliations: the price of adding a physician to the staff is unobserved; the physician holds appointments at multiple hospitals, and physicians are not homogeneous. Using 1983 American Hospital Association data, a system of specialty-specific demand equations is estimated. The results are consistent with the model and suggest that physicians should be concerned about reduced access to hospitals, particularly as the stock of hospitals declines.     

On a class of loans with a systematic amortisation schedule

Abstract

In this paper we show that a single set of formulas will characterise a wide range of standard loans. This makes it possible to describe these loans in a compact manner and facilitates the design of computer programs calculating their characteristics. The characterisation includes the entire amortisation schedule before and after tax and the duration and convexity measures.     

The economic implications of using HACCP as a food safety regulatory standard

This article discusses the nature and role of Hazard Analysis Critical Control Point (HACCP) as a food safety control system and, in particular, its role as an element of public food safety regulation. The notion of efficiency in food safety regulation is discussed and related to the nature of food safety controls. It is suggested that, if appropriately applied, HACCP is a more economically efficient approach to food safety regulation than command and control (CAC) interventions. The economic implications of HACCP are discussed with reference to estimates of the costs and benefits, in particular for the food industry. Finally, the use of HACCP as an international trade standard and the facilitation of trade in processed food products is considered.     

Estimation of a survival curve with randomly censored data in the presence of a covariate

This paper deals with the estimation of a survival curve in models with random right censoring and dependent censoring mechanism. We consider a specific dependent censorship model in which conditional on a covariate, the survival and censoring times are assumed to be independent. We investigate asymptotic properties of a corrected version of a survival curve estimator introduced by Cheng (1989). In particular we show uniform strong consistency and weak convergence to a Gaussian process. Comparisons of this estimator with the well-known Kaplan-Meier-estimator are included. Finally, some examples illustrate how the estimator performs. Received: February 2000     

John Stuart Mill's Theories of Wealth and Income Distribution

Although he was much influenced by David Ricardo when he wrote the classical part of his Principles , John Stuart Mill was not a Ricardian when he penned his theories of wealth and distribution. They are based on a triple foundation. First, a belief that economics is a moral discipline. Second a theory of custom-driven human behavior. Third, an empirically formed conviction that the institutions of state, education and business cooperate to structure the distribution of income. On the basis of these presuppositions, Mill formulated 1) an institutional theory of the formation of human and non-human wealth and 2) an even more institutional theory of distribution demonstrating how the aforementioned institutions malignantly skew the distribution of income to the advantage of the propertied classes and to the extreme disadvantage of the working class. As a social economist, Mill recommended institutional reforms designed to eradicate the poverty of the working class.