517 research outputs found

    Jean-Jacques Laffont: A Look Back

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    Nash Equilibrium and Mechanism Design

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    Nash, mechanism design

    Auctions and Efficiency

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    efficiency, allocation of resources, privatization

    Roy Radner and Incentive Theory

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    Moral hazard, Incentive, Adverse Selection

    Sequential Innovation, Patents, and Imitation

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    We argue that when discoveries are "sequential" (so that each successive invention builds in an essential way on its predecessors) patent protection is not as useful for encouraging innovation as in a static setting. Indeed, society and even inventors themselves may be better off without such protection. Furthermore, an inventor's prospective profit may actually be enhanced by competition and imitation. Our sequential model of innovation appears to explain evidence from a natural experiment in the software industry.
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