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This article analyzes how institutional differences affect university entrepreneurship. We focus on ownership of faculty inventions, and compare two institutional regimes, the United States and Sweden. In the United States, the Bayh–Dole Act gives universities the right to own inventions from publicly funded research, whereas in Sweden, the professor privilege gives the university faculty this right. We develop a theoretical model and examine the effects of institutional differences on modes of commercialization, entrepreneurship or licenses to established firms, as well as on probabilities of successful commercialization. We find that the US system is less conducive to entrepreneurship than the Swedish system if established firms have some advantage over faculty startups, and that, on average, the probability of successful commercialization is somewhat higher in the United States. We also use the model to perform four policy experiments, as suggested by recent policy debates in both countries. [ABSTRACT FROM PUBLISHER]

Proponents of the Bayh-Dole Act argue that industrial use of federally funded research would be reduced without university patent licensing. Our survey of U.S. universities supports this view, emphasizing the embryonic state of most technologies licensed and the need for inventor cooperation in commercialization. Thus, for most university inventions, there is a moral-hazard problem with inventor effort. For such inventions, development does not occur unless the inventor's income is tied to the licensee's output by payments such as royalties or equity. Sponsored research from the licensee cannot by itself solve this problem. [ABSTRACT FROM AUTHOR]

The 1970s have seen sharp fluctuations in grain prices. Several plausible explanations for the unusual severity of these ups and downs have been advanced, including devaluation of the dollar for the upswing in 1972-74. U.S. wheat prices for the year of highest prices, 1973-74, are examined. A trade model that distinguishes wheat by country of origin is used to analyze various events in that year. It is concluded that insulating trade policies by wheat exporters and importers had the largest impact on U.S. wheat prices. [ABSTRACT FROM AUTHOR]

Abstract--This paper examines nine models of aggregate import demand for each of five countries (Canada, Germany, Japan, United Kingdom, and United States) in an attempt to determine which of the frequently used single equation models of import demand are appropriate. An appropriate model is defined as one which generates unbiased (or at least consistent) and efficient elasticity estimates. While models without lagged adjustments and Almon lag models perform rather poorly according to these criteria, models including dynamic behavior through lagged values of the dependent variable are frequently accepted. Results are reported regarding functional form, measures of variables, and structural shift. [ABSTRACT FROM AUTHOR]

This article examines how market structure and enforcement affect smuggling and welfare in a model where smuggling is camouflaged by legal sales. Conditions are given for when some, but not necessarily all, firm smuggle. With camouflaging, the market price is below the price when all sales are legal, so smuggling improves welfare if the price effect outweighs excess smuggling cost. This welfare effect is directly related to the degree of competition. Increased enforcement in this model potentially reduces welfare. The model is shown to be consistent with evidence on cigarette smuggling in the U.S. for year 1975-1982.

The article presents information about a survey which depicts that companies conduct most new science research in developed economies rather than developing for reasons that may not always characterize the situation in the U.S. The survey was conducted on 249 research and development (R&D) intensive companies mainly in the U.S. and Western Europe. The survey states that the percent of effort devoted to new science in developed economy sites is more evenly distributed than it is for sites in emerging economies. On an average, 49.6% of R&D effort in developed economy sites is for new science; in emerging economy sites it is only 22%.