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@techreport{NBERw19430,
 title = "Do firms underinvest in long-term research? Evidence from cancer clinical trials",
 author = "Budish, Eric and Roin, Benjamin N and Williams, Heidi",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "19430",
 year = "2013",
 month = "September",
 doi = {10.3386/w19430},
 URL = "http://www.nber.org/papers/w19430",
 abstract = {We investigate whether private research investments are distorted away from long-term projects. Our theoretical model highlights two potential sources of this distortion: short-termism and the fixed patent term. Our empirical context is cancer research, where clinical trials – and hence, project durations – are shorter for late-stage cancer treatments relative to early-stage treatments or cancer prevention. Using newly constructed data, we document several sources of evidence that together show private research investments are distorted away from long-term projects. The value of life-years at stake appears large. We analyze three potential policy responses: surrogate (non-mortality) clinicaltrial endpoints, targeted R&D subsidies, and patent design.},
}