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Clearing Opacity Through Machine Learning, W. Nicholson Price Ii, Arti K. Rai
Clearing Opacity Through Machine Learning, W. Nicholson Price Ii, Arti K. Rai
Articles
Artificial intelligence and machine learning represent powerful tools in many fields, ranging from criminal justice to human biology to climate change. Part of the power of these tools arises from their ability to make predictions and glean useful information about complex real-world systems without the need to understand the workings of those systems.
The Cost Of Novelty, Will Nicholson Price Ii
The Cost Of Novelty, Will Nicholson Price Ii
Articles
Patent law tries to spur the development of new and better innovative technology. But it focuses much more on “new” than “better”—and it turns out that “new” carries real social costs. I argue that patent law promotes innovation that diverges from existing technology, either a little (what I call “differentiating innovation”) or a lot (“exploring innovation”), at the expense of innovation that tells us more about existing technology (“deepening innovation”). Patent law’s focus on newness is unsurprising, and fits within a well-told narrative of innovative diversity accompanied by market selection of the best technologies. Unfortunately, innovative diversity brings not only …
Opting Into Device Regulation In The Face Of Uncertain Patentability, Rebecca S. Eisenberg
Opting Into Device Regulation In The Face Of Uncertain Patentability, Rebecca S. Eisenberg
Articles
This article examines the intersection of patent law, FDA regulation, and Medicare coverage in a particularly promising field of biomedical innovation: genetic diagnostic testing. First, I will discuss current clinical uses of genetic testing and directions for further research, with a focus on cancer, the field in which genetic testing has had the greatest impact to date. Second, I will turn to patent law and address two recent Supreme Court decisions that called into question the patentability of many of the most important advances in genetic testing. Third, I will step outside patent law to take a broader view of …
Artificial Intelligence In The Medical System: Four Roles For Potential Transformation, Will Nicholson Price Ii
Artificial Intelligence In The Medical System: Four Roles For Potential Transformation, Will Nicholson Price Ii
Articles
Artificial intelligence (AI) looks to transform the practice of medicine. As academics and policymakers alike turn to legal questions, a threshold issue involves what role AI will play in the larger medical system. This Article argues that AI can play at least four distinct roles in the medical system, each potentially transformative: pushing the frontiers of medical knowledge to increase the limits of medical performance, democratizing medical expertise by making specialist skills more available to non-specialists, automating drudgery within the medical system, and allocating scarce medical resources. Each role raises its own challenges, and an understanding of the four roles …
Grants, Nicholson Price Ii
Grants, Nicholson Price Ii
Articles
Innovation is a primary source of economic growth and is accordingly the target of substantial academic and government attention. Grants are a key tool in the government’s arsenal to promote innovation, but legal academic studies of that arsenal have given them short shrift. Although patents, prizes, and regulator-enforced exclusivity are each the subject of substantial literature, grants are typically addressed briefly, if at all. According to the conventional story, grants may be the only feasible tool to drive basic research, as opposed to applied research, but they are a blunt tool for that task. Three critiques of grants underlie this …
Biobanks As Innovation Infrastructure For Translational Medicine, W. Nicholson Price Ii
Biobanks As Innovation Infrastructure For Translational Medicine, W. Nicholson Price Ii
Book Chapters
Biobanks represent an opportunity for the use of big data to drive translational medicine. Precision medicine demands data to shape treatments to individual patient characteristics; large datasets can also suggest new uses for old drugs or relationships between previously unlinked conditions. But these tasks can be stymied when data are siloed in different datasets, smaller biobanks, or completely proprietary private resources. This hampers not only analysis of the data themselves, but also efforts to translate data-based insights into actionable recommendations and to transfer the discovered technology into a commercialization pipeline. Cross-project technological innovation, development, and validation are all more difficult …
The Cost Of Novelty, W. Nicholson Price Ii
The Cost Of Novelty, W. Nicholson Price Ii
Law & Economics Working Papers
Patent law tries to spur the development of new, better, innovative technology. But it focuses much more on “new” than “better” — and it turns out that “new” carries real social costs. I argue that patent law promotes innovation that diverges from existing technology, either a little (what I call “differentiating innovation”) or a lot (“exploring innovation”), at the expense of innovation that tells us more about existing technology (“deepening innovation”). Patent law’s focus on newness is unsurprising, and fits within a well-told narrative of innovative diversity accompanied by market selection of the best technologies. Unfortunately, innovative diversity brings not …
Assessing Access-To-Justice Outreach Strategies, J. J. Prescott
Assessing Access-To-Justice Outreach Strategies, J. J. Prescott
Articles
The need for prospective beneficiaries to “take up” new programs is a common stumbling block for otherwise well-designed legal and policy innovations. I examine the take-up problem in the context of publicly provided court services and test the effectiveness of various outreach strategies that announce a newly available online court access platform. I study individuals with minor arrest warrants whose distrust of courts may dampen any take-up response. I partnered with a court to quasi-randomly assign outreach approaches to a cohort of individuals and find that outreach improves take-up, that the type of outreach matters, and that online platform access …
Artificial Intelligence In Health Care: Applications And Legal Implications, W. Nicholson Price Ii
Artificial Intelligence In Health Care: Applications And Legal Implications, W. Nicholson Price Ii
Articles
Artificial intelligence (AI) is rapidly moving to change the healthcare system. Driven by the juxtaposition of big data and powerful machine learning techniques—terms I will explain momentarily—innovators have begun to develop tools to improve the process of clinical care, to advance medical research, and to improve efficiency. These tools rely on algorithms, programs created from healthcare data that can make predictions or recommendations. However, the algorithms themselves are often too complex for their reasoning to be understood or even stated explicitly. Such algorithms may be best described as “black-box.” This article briefly describes the concept of AI in medicine, including …
Fintech Risks And Opportunities: An Interdisciplinary Approach, University Of Michigan Law School
Fintech Risks And Opportunities: An Interdisciplinary Approach, University Of Michigan Law School
Event Materials
Agenda for the Third Annual Financial Stability Conference, November 16-17 2017. Co-hosted by the U.S. Office of Financial Research and the Gerald R. Ford School of Public Policy.
Stock Market Futurism, Merritt Fox, Gabriel Rauterberg
Stock Market Futurism, Merritt Fox, Gabriel Rauterberg
Articles
The U.S. stock market is undergoing extraordinary upheaval. The approval of the application of the Investors Exchange (IEX) to become the nation's newest stock exchange, including its famous "speed bump," was one of the SEC's most controversial decisions in decades. Other exchanges have proposed a raft of new innovations in its wake. This evolving equity market is a critical piece of national infrastructure, but the regulatory scheme for its institutions is increasingly frayed. In particular, current regulation draws sharp distinctions among different kinds of markets for trading stocks, treating stock exchanges as self-regulatory organizations immune from private civil litigation, while …
Expired Patents, Trade Secrets, And Stymied Competition, W. Nicholson Price Ii
Expired Patents, Trade Secrets, And Stymied Competition, W. Nicholson Price Ii
Articles
Patents and trade secrecy have long been considered substitute incentives for innovation. When inventors create a new invention, they traditionally must choose between the two. And if inventors choose to patent their invention, society provides strong legal protection in exchange for disclosure, with the understanding that the protection has a limit: it expires twenty years from the date of filing. At that time, the invention is opened to the public and exposed to competition. This story is incomplete. Patent disclosure is weak and focuses on one technical piece of an invention—but that piece is often only a part of the …
Tesla, Dealer Franchise Laws, And The Politics Of Crony Capitalism, Daniel A. Crane
Tesla, Dealer Franchise Laws, And The Politics Of Crony Capitalism, Daniel A. Crane
Articles
Public choice theory has long proclaimed that business interests can capture regulatory processes to generate economic rents at the expense of consumers. Such political exploitation may go unnoticed and unchallenged for long time periods because, though the rents are captured by a relatively small number of individuals or firms, the costs are widely diffused over a large number of consumers. The triggering event to expose and mobilize opposition to the regulatory capture may not arise until a new technology seeks to challenge the incumbent technology, thus creating a motivated champion to expose and oppose the regulatory capture and advocate for …
Tesla And The Car Dealers' Lobby, Daniel A. Crane
Tesla And The Car Dealers' Lobby, Daniel A. Crane
Articles
Tesla Motors, the offspring of entrepreneur Elon Musk (who brought us Pay-Pal and SpaceX), is the most exciting automotive development in many decades and a marquee story of American technological dynamism and innovation. The company’s luxury electric cars have caused a sensation in the auto industry, including a review by Consumer Reports calling Tesla’s Model S the best car it ever tested. Despite the acclaim, Tesla faces enormous challenges Despite the acclaim, Tesla faces enormous challenges in penetrating an automotive market that has been dominated for a century by internal combustion engines. Not only must it build cars that customers …
Section 5 And The Innovation Curve, Daniel A. Crane
Section 5 And The Innovation Curve, Daniel A. Crane
Book Chapters
the ftc’s authority to use Section 5 of the FTC Act to reach anticompetitive conduct that would not be illegal under the Sherman or Clayton Acts has been much discussed in recent years, particularly in conjunction with the FTC’s enforcement action against Intel. As of this writing, a Section 5 action against Google seems imminent.
Bargaining Over The Transfer Of Proprietary Research Tools: Is This Market Failing Or Emerging?, Rebecca S. Eisenberg
Bargaining Over The Transfer Of Proprietary Research Tools: Is This Market Failing Or Emerging?, Rebecca S. Eisenberg
Book Chapters
This analysis highlights the importance of transactions between prior and subsequent innovators to permit valuable research to go forward across the boundaries of prior patent claims. In a recent article focusing on biomedical research,4 Michael Heller and I argue that too many patent rights on 'upstream' discoveries can stifle 'downstream' research and product development by increasing transaction costs and magnifying the risk of bargaining failures. Just as too few property rights leave communally held resources prone to overuse in a 'tragedy of the commons', too many property rights can leave resources prone to underuse in what Heller calls a 'tragedy …
Ownership, Commercial Development, Transfer And Use Of Publicly Funded Research Results: The United States Legal Regime, Rebecca S. Eisenberg
Ownership, Commercial Development, Transfer And Use Of Publicly Funded Research Results: The United States Legal Regime, Rebecca S. Eisenberg
Other Publications
This report summarizes key provisions of the United States. legal regime concerning ownership, dissemination and commercialization of the results of publicly funded research as background for a study on the feasibility of improving access by developing countries and economies in transition to environmentally sound technologies (ESTs) developed in other parts of the world.
Upstream Patents = Downstream Bottlenecks, Rebecca S. Eisenberg, Michael A. Heller
Upstream Patents = Downstream Bottlenecks, Rebecca S. Eisenberg, Michael A. Heller
Articles
Thirty years ago in Science, Garrett Hardin introduced the metaphor "tragedy of the commons" to help explain overpopulation, air pollution, and species extinction. People often overuse resources they own in common because they have no incentive to conserve. Today, Hardin's metaphor is central to debates in economics, law, and science and powerful justification for privatizing commons property. While the metaphor highlights the cost of overuse when governments allow too many people to use a scarce resource, it misses the possibility of underuse when governments give too many people rights to exclude others. Privatization can solve one tragedy, but cause another.
The Un-Easy Case For Technological Optimism, James E. Krier, Clayton P. Gillette
The Un-Easy Case For Technological Optimism, James E. Krier, Clayton P. Gillette
Articles
"Technological optimism" is a term of art, an article of faith, and a theory of politics. It is a view that pervades modem attitudes, yet gets little explicit attention. For a brief period the situation was otherwise. In the early 1970s, the optimistic outlook figured prominently in an important debate about nothing less than the future of the world. Technological optimism won. The outcome was unsurprising, given the nature of the argument. On one side of the debate was a group of self-proclaimed Malthusians who foresaw an impending period of stark scarcity unless relatively drastic remedial steps were quickly taken; …