What Is a Patent Worth? Evidence from the U.S. Patent “Lottery”

We provide evidence on the value of patents to startups by leveraging the quasi-random assignment of applications to examiners with different propensities to grant patents. Using unique data on all first-time applications filed at the U.S. Patent Office since 2001, we find that startups that win the patent “lottery” by drawing lenient examiners have, on average, 55% higher employment growth and 80% higher sales growth five years later. Patent winners also pursue more, and higher quality, follow-on innovation. Winning a first patent boosts a startup’s subsequent growth and innovation by facilitating access to funding from venture capitalists, banks, and public investors.     

Consumer Willingness to Pay for Seafood Safety Assurances

Despite its many health benefits, seafood consumption has declined partially due to consumers' safety concerns. Efforts to provide safety assurance to consumers have focused on provision of government inspection programs; programs that both consumer groups and the seafood industry have called inadequate. This study explores consumer preferences for a wide array of alternative safety assurances. Consumers' selection of and willingness to pay for seafood safety assurances were elicited using an in-person market-like experiment. Results indicate that consumers are able to demonstrate clear preferences and values for alternative assurances. This indicates further consumer research is warranted to provide a basis for public policy recommendations regarding seafood safety assurances.     

Shoppers' Reactions to Supermarket Price Scanning and Shopper Price Marking

Supermarkets are starting to adopt price scanning checkouts. Other supermarkets, both scanner equipped and non-scanner equipped, are removing individual item prices. Although much has been written, especially in the retail trade press, about the advantages to retailers of scanner check-outs little attention has been paid to shopper reactions. This study sought to determine the attitudes and behavior of shoppers at scanner equiped supermarkets. Some user reactions to self-price marking of purchases was also determined.