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Induction and evolution in the origin of inventions : evidence from smoking cessation products

Author: Seth H Werfel; Adam B Jaffe; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2010.
Series: Working paper series (National Bureau of Economic Research), no. 16543.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
Neoclassical economic theory predicts that policies that discourage the consumption of a particular good will induce innovation in a socially desirable substitute. Evolutionary theory emphasizes the possibility of innovation waves associated with the identification of new dominant designs. We incorporate both of these possibilities in a model of the invention of new smoking cessation products, based on a new dataset  Read more...
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Additional Physical Format: Print version:
Werfel, Seth H.
Induction and evolution in the origin of inventions.
Cambridge, Mass. : National Bureau of Economic Research, ©2010
(DLC) 2011655791
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Seth H Werfel; Adam B Jaffe; National Bureau of Economic Research.
OCLC Number: 682577784
Description: 1 online resource (22, [2] pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 16543.
Responsibility: Seth H. Werfel, Adam B. Jaffe.

Abstract:

Neoclassical economic theory predicts that policies that discourage the consumption of a particular good will induce innovation in a socially desirable substitute. Evolutionary theory emphasizes the possibility of innovation waves associated with the identification of new dominant designs. We incorporate both of these possibilities in a model of the invention of new smoking cessation products, based on a new dataset of patents on such products from 1951-2004. We find that an increase in cigarette tax levels and smoking bans had no discernible impact on the industry-wide rate of invention in smoking cessation products. It does appear, however, that dominant designs did have substantial positive innovation effects. More specifically, the introduction of the nicotine gum and patch are estimated to have increased the rate of patenting activity in smoking cessation products by 60 and 79 percent, respectively, subject to a 10 percent rate of decay. Finally, these products had larger innovation effects at the firm level than among individual inventors.

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