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Market Power, Vertical Integration, And The Wholesale Price Of Gasoline, Richard J. Gilbert, Justine S. Hastings Nov 2006

Market Power, Vertical Integration, And The Wholesale Price Of Gasoline, Richard J. Gilbert, Justine S. Hastings

Richard J Gilbert

This paper empirically examines the relationship between vertical integration and wholesale gasoline prices. We use discrete and differential changes in the extent of vertical integration generated by mergers in West Coast gasoline refining and retailing markets to test for incentives to raise rivals’ costs. Research design allows us to test for a relationship between vertical integration and wholesale prices, controlling for horizontal market structure, cost shocks and trends. We find evidence consistent with the strategic incentive to raise competitors’ input costs and conclude that vertical integration can have a significant impact on wholesale prices.


Dollars For Genes: Revenue Generation By The California Institute For Regenerative Medicine, Richard J. Gilbert Nov 2006

Dollars For Genes: Revenue Generation By The California Institute For Regenerative Medicine, Richard J. Gilbert

Richard J Gilbert

Proponents of the $3 billion ballot initiative that created the California Institute for Regenerative Medicine (CIRM) forecast that CIRM-funded research would earn royalty income in the range of $537 million to $1.1 billion. Using data on past licensing revenues as well as expected discoveries, this paper estimates that CIRM licensing income will be only a few percent of expenditures and California’s share of this licensing income will be less than one percent of R&D expenditures in current dollars. The allocation of these relatively small revenues is of secondary importance to the greater objective of disseminating CIRM-funded stem cell technology quickly …


Competition And Innovation, Richard J. Gilbert Oct 2006

Competition And Innovation, Richard J. Gilbert

Richard J Gilbert

No abstract provided.


Competition Policy For Intellectual Property; Balancing Competition And Reward, Richard J. Gilbert Oct 2006

Competition Policy For Intellectual Property; Balancing Competition And Reward, Richard J. Gilbert

Richard J Gilbert

No abstract provided.


Should Good Patents Come In Small Packages? A Welfare Analysis Of Intellectual Property Bundling, Richard J. Gilbert, Michael L. Katz Sep 2006

Should Good Patents Come In Small Packages? A Welfare Analysis Of Intellectual Property Bundling, Richard J. Gilbert, Michael L. Katz

Richard J Gilbert

Intellectual property owners often hold the rights to several patents, each of which is essential to make or use a product. We compare the welfare properties of package licenses, under which a licensee pays the same fee regardless of the number of technologies licensed, with component licenses, under which each technology is licensed separately and there is no quantity discount. A central finding is that a long-term package license can induce incentives to invent around patents and invest in complementary assets that are closer to their socially optimal levels than are those induced by a long-term component license. We also …


Competition And Innovation, Richard J. Gilbert Dec 2005

Competition And Innovation, Richard J. Gilbert

Richard J Gilbert

No abstract provided.