Hoover Institution Working Group on Intellectual Property, Innovation, and Prosperity
Hoover IP2 Summer Teaching Institute THE ECONOMICS AND POLITICS OF REGULATION August 2–14, 2015
HOOVER INSTITUTION STANFORD UNIVERSITY
Hoover IP2 Summer Teaching Institute Much of the research on which various reform proposals are based springs from an academic literature that is neither grounded in economic theory nor informed by the careful use of data. An analysis of the impact of incentives, trade-offs, interdependencies, market forces and competition, market failure, and externalities is often lacking in the academic training at law schools, public policy centers, and business schools. The Summer Teaching Institute on the Economics and Politics of Regulation is designed to equip young and aspiring policy makers with the methods of analysis by which scientifically sound results are obtained. The goal is not to train the students to be researchers but to provide them with the fundamentals so that they can read scholarly studies with an eye to their soundness. The Summer Teaching institute is open to federal judicial clerks, congressional staffers, law school students and recent graduates, and public policy graduate students. When confronted with perceived market failure, policy makers’ first instincts often are to create regulatory solutions. Every year, thousands of laws are enacted, regulations promulgated, and legal rulings made. But without having a firm understanding of what a market failure is and without taking full account of the adverse consequences that might arise from their attempts at remediation, these laws, regulations, and rulings sometimes result in needless and costly overhauls to the system and to the business environment. Understanding the functioning of a complex system (such as the property rights system that structures the process of technological innovation) requires that appropriate bodies of evidence and analytic tools to assess them be drawn from multiple disciplines. If, similar to the Hippocratic Oath, the first principle of law is to “do no harm,” a commitment to crafting public policy on the basis of the careful analysis of evidence is necessary. The focus of the institute is to instill in the students the importance of a multidisciplinary approach applied to research about the institutions that govern the innovation ecosystem. Instruction about this ecosystem is divided into five modules: (1) Causal Inference and Data Analysis, (2) Competition between Firms and Antitrust, (3) Innovation and the Patent System, (4) Innovation and Finance, and (5) Energy and the Environment. At the teaching institute’s concluding sessions, students will make group presentations at which they can showcase what they have learned and apply the methods of inquiry presented during the course of the previous two weeks. The methods of inquiry are a set of best practices about how to craft a research question on the economics and politics of regulation and how to develop an effective research design to address that question.
Course Schedule
The Economics and Politics of Regulation Summer 2015 Unless otherwise noted, all sessions take place in
Annenberg Conference Room, Room 105 Lou Henry Hoover Building Hoover Institution, Stanford University
Sunday, August 2 3:00 P.M. Check in
Front Desk, Munger Residence Jacobson-Sorensen Hall 554 Salvatierra Walk, Stanford University 650.723.3225
6:00 P.M.
Welcome Dinner
MacArthur Park Restaurant, 27 University Av., Palo Alto
Monday, August 3 8:30 A.M. Continental Breakfast 9:00 A.M.
Orientation—Stephen Haber, Richard Sousa, Ken Hsu
10:00 A.M.
Overview of Student Group Presentations—Stephen Haber, Victor Menaldo
11:30 A.M.
Lunch
12:30 P.M.
Stanford Campus Tour
2:00 P.M.
Topic Suggestions for Student Group Presentations—Victor Menaldo
3:30 P.M.
Classes end
Stanford Visitors Center, 295 Galvez St., Stanford
Tuesday, August 4 10:00 A.M. Microeconomics Principles—Ran Abramitzky 12:30 P.M.
Lunch
1:30 P.M.
What Does Finance Do?—Ross Levine
4:00 P.M.
Student Group Presentation Prep—Victor Menaldo
4:45 P.M.
Classes end
Wednesday, August 5 8:45 A.M. Hoover Archives Treasures
Room 110, Hoover Tower
10:00 A.M.
Risk and Regulation—Ross Levine
12:30 P.M.
Lunch
1:30 P.M.
Politics and Economics of Bank Regulation—Stephen Haber
4:00 P.M.
Student Group Presentation Prep—Victor Menaldo
4:45 P.M.
Classes end
Thursday, August 6 10:00 A.M. Innovation and Finance—Troy Paredes 12:30 P.M.
Lunch
1:30 P.M.
Innovation as a Business Asset—Damon Matteo
4:00 P.M.
Student Group Presentation Prep—Victor Menaldo
4:45 P.M.
Classes end
Friday, August 7 10:00 A.M. Intellectual Property—Scott Kieff 12:30 P.M.
Lunch
1:30 P.M.
Innovation as a Business Asset—Damon Matteo
4:00 P.M.
Student Group Presentation Prep—Victor Menaldo
4:45 P.M.
Classes end
Monday, August 10 10:00 A.M. Economics of Industries—Wes Hartmann 12:30 P.M.
Lunch
1:30 P.M.
Competition and Innovation—Ronald Goettler
4:00 P.M.
Classes end
Tuesday, August 11 10:00 A.M. Antitrust Economics: Mergers and Competition Policy—Joshua Wright 12:30 P.M.
Lunch
1:30 P.M.
Antitrust Economics: The Intersection of IP and Antitrust—Joanna Tsai
4:00 P.M.
Classes end
Wednesday, August 12 10:00 A.M. Energy and the Environment—Noel Maurer 12:30 P.M.
Lunch
1:30 P.M.
Energy Externalities—Severin Borenstein
4:00 P.M.
Classes end
Wednesday, August 12 6:00 P.M. Closing Dinner
Vero Ristorante Italiano, 530 Bryant St., Palo Alto
Thursday, August 13 10:00 A.M. Regulating the Environment—Severin Borenstein 12:30 P.M.
Lunch
1:30 P.M.
Energy and the Environment—Noel Maurer
4:00 P.M.
Classes end
Friday, August 14 10:00 A.M. Student Group Presentation 1 10:35 A.M.
Student Group Presentation 2
11:10 A.M.
Break
11:25 A.M.
Student Group Presentation 2
12:10 P.M.
Student Group Presentation 4
12:45 P.M.
Lunch
1:00 P.M.
Student Group Presentation 5
1:35 P.M.
Closing Remarks—Stephen Haber, Richard Sousa
1:45 P.M.
Summer Teaching Institute ends
Saturday, August 14 11:00 A.M. Check out
Front Desk, Munger Residence Course readings may be found at
http://hooverip2.org/wp-content/uploads/2015_Summer_Teaching_Institute_Readings.pdf
INSTRUCTORS Ran Abramitzky is an associate professor and vice chair in the department of economics at Stanford University, a research associate at the National Bureau of Economic Research, and a faculty fellow at the Stanford Institute for Economic Policy Research. He is an associate editor of Explorations in Economic History and on the editorial board of the Journal of Economic History. His articles have appeared in the leading academic journals in the field, such as American Economic Review, Econometrica, Journal of Political Economy, American Economic Journal: Applied, and Journal of Economic History. His forthcoming book is The Mystery of the Kibbutz: How Egalitarian Principles Survived in a Capitalist World. Abramitzky’s current research is concentrated around two themes: inequality and redistribution, and immigration. He was a Stanford Faculty Fellow and was awarded an Alfred P. Sloan research fellowship; he has also received the Dean’s Award for Excellent Teaching at Stanford. He holds a PhD in economics from Northwestern University. http://web.stanford.edu/~ranabr/ Severin Borenstein is E.T. Grether Professor of Business Administration and Public Policy at the University of California, Berkeley, Haas School of Business and a research associate of the Energy Institute at Haas. He is also director emeritus of the University of California Energy Institute and the Energy Institute at Haas. He received his AB from UC Berkeley and PhD in economics from MIT. His research focuses on business competition, strategy, and regulation. He has published extensively on the airline industry, the oil and gasoline industries, and electricity markets. His current research projects include the economics of renewable energy, economic policies for reducing greenhouse gases, alternative models of retail electricity pricing, and competitive dynamics in the airline industry. He is a research associate of the National Bureau of Economic Research in Cambridge. He served on the Board of Governors of the California Power Exchange from 1997 to 2003. During 1999– 2000, he was a member of the California Attorney General’s Gasoline Price Task Force. In 2010–11, Borenstein was a member of US Secretary of Transportation Ray LaHood’s Future of Aviation Advisory Committee. In 2012–13, he served on the Emissions Market Assessment Committee, which advised the California Air Resources Board on the operation of California’s Cap and Trade market for greenhouse gases. Since 2014, he has been a member of the California Energy Commission’s Petroleum Market Advisory Committee. http://faculty.haas.berkeley.edu/borenste/
Ron Goettler is the senior associate dean of Faculty and Research and the James N. Doyle Sr. Professor of Entrepreneurship at the Simon Business School at the University of Rochester. His research spans quantitative marketing, industrial organization, and finance, with an emphasis on structural econometric methods to understand consumer and firm behavior. He is particularly interested in high-tech industries, focusing on the relationship between competition and innovation and on the marketing of new products. Goettler’s research has been published in various academic journals including the Journal of Political Economy, the RAND Journal of Economics, and the Journal of Marketing Research. His paper “Equilibrium in a Dynamic Limit Order Market,” which appeared in the Journal of Finance, was nominated for the journal’s Smith-Breeden Prize and won the NYSE award for the best paper on equity trading at the 2004 Western Finance Association Meeting. Before joining the Simon School in 2012, Goettler was an assistant professor of marketing at the University of Chicago. http://rongoettler.com/ Stephen Haber, the Peter and Helen Bing Senior Fellow at the Hoover Institution and the A.A. and Jeanne Welch Milligan Professor in the School of Humanities and Sciences at Stanford University, is also professor of political science, history, and (by courtesy) economics at Stanford. He has been awarded every teaching prize at Stanford, including the Walter J. Gores Award for distinguished teaching. His research examines political institutions and economic policies that “hold up” innovation. His current research examines the creation of regulatory barriers to entry in finance, the economic and political consequences of hold-up problems created by different systems of agricultural production, and the comparative development of patent systems. Haber’s most recent book, Fragile by Design (with Charles Calomiris), examines how governments and industry incumbents often craft banking regulatory policies in ways that stifle competition and increase systemic risk. http://stephen-haber.com/
Wesley Hartmann, associate professor of marketing at the Stanford Graduate School of Business, is an economist who specializes in industrial organization and applies and develops econometric techniques to analyze questions relevant to the decisions of firms and consumers. One stream of his research focuses on decision making over time: studying intertemporal substitution of demand in capacity-constrained industries, price discrimination, and the measurement of switching costs. Another research stream considers the effects of social networks on decision making. This research finds a link between social networks and outsourcing and also explores direct network effects among consumers. His recent work focuses on television advertising, Internet advertising, and the interplay between the two. His research has appeared in the Journal of Law, Economics, and Organization; Quantitative Marketing and Economics; and Marketing Science. https://www.gsb.stanford.edu/faculty-research/faculty/wesley-hartmann F. Scott Kieff was sworn in on October 18, 2013, as a Commissioner of the US International Trade Commission for the term expiring on June 16, 2020. Kieff is on leave of absence from his post as the Fred C. Stevenson Research Professor at the George Washington University Law School. He was the Ray and Lousie Knowles Senior Fellow at the Hoover Institution, Stanford University; a faculty member of the Munich Intellectual Property Law Center at Germany’s Max Planck Institute; a visiting professor in the law schools at Northwestern, the University of Chicago, and Stanford; and a faculty fellow in the Olin Program on Law and Economics at Harvard. Before entering academia, Kieff practiced law for over six years as a trial lawyer and patent lawyer and served as a law clerk to US Circuit Judge Giles S. Rich. He was recognized as on the nation’s “Top 50 under 45” by the magazine IP Law & Business in May 2008 and he was inducted as a member of the European Academy of Sciences and Arts in March 2012. http://www.usitc.gov/press_room/bios/kieff.htm
Ross Levine is the Willis H. Booth Chair in Banking and Finance at the Haas School of Business, University of California, Berkeley; a research associate at the NBER; a member of the Council on Foreign Relations; and a member of the Scientific Advisory Council of the European Systemic Risk Board. His work focuses on the linkages among financial sector policies, the operation of financial systems, and the functioning of economies. His two most recent books, Rethinking Bank Regulation: Till Angels Govern and Guardians of Finance: Making Regulators Work for Us, stress that regulatory policies often stymie competition and encourage risk-taking, with deleterious effects on productivity growth and living standards. Levine has published more than one hundred scholarly articles and advises governments, central banks, and multilateral organizations. http://facultybio.haas.berkeley.edu/faculty-list/levine-ross Damon C. Matteo is the CEO of Fulcrum Strategy, where he provides strategic guidance and tactical execution to realize maximum commercial advantage from innovation and intellectual property assets, from invention through monetization. His career spans over twenty years across all facets of the strategic creation, funding, management, and commercialization of highvalue innovations and intellectual property assets in an international context. Matteo operates across industry and technology domains spanning mobile computing and smart phones, big data, social networking, energy, and clean tech (e.g., solar and water), web and ecommerce, computer and consumer electronics, networking (e.g., interoperability and security), and telecom. Additional leadership roles include as two-term chairman of the US Patent & Trademark Office’s (USPTO) Public Advisory Committee, which operates like a board of directors (overseeing operations, goals, performance, budget, and so on) for the USPTO; the Advisory Board of Hoover IP2; the Board of the Tsinghua University Intellectual Property Center; the Board of the European Center for Intellectual Property Studies; the Board at the Intellectual Property Institute of Norway; and as chairman of the Silicon Valley Licensing Executive Society Chapter. Matteo also serves as an expert for the US Congress; federal agencies, including the US Department of Commerce and US Security and Exchange Commission; the United Nations; and at trial and as a lecturer at universities worldwide. http://www.fulcrumstrategy.com/
Noel Maurer is an associate professor of international affairs and international business at the George Washington University School of Business. Maurer’s primary research interest is on how governments protect (or fail to protect) property rights and how private actors defend their property rights against predatory governments or in the face of political instability. He has written five books, The Power and the Money: The Mexican Financial System, 1876–1932; The Politics of Property Rights: Political Instability, Credible Commitments, and Economic Growth in Mexico, 1876–1929; Mexico Since 1980; The Big Ditch: How America Took, Built, Ran, and Ultimately Gave Away the Panama Canal; and The Empire Trap: The Rise and Fall of US Intervention to Protect American Property Overseas, 1893–2013. Maurer earned his PhD from Stanford University in 1997. Between 1998 and 2002 he worked at an NGO dedicated to helping small rural communities in Chiapas, Mexico, find new business opportunities for their inhabitants. http://business.gwu.edu/profiles/noel-maurer/ Victor Menaldo is an assistant professor of political science (effective September 15, 2015, an associate professor) at the University of Washington and an affiliated faculty with the university’s Center for Statistics and the Social Sciences as well as Near and Middle Eastern studies. He specializes in comparative politics and political economy. Menaldo’s research focuses on the political economy of taxation and redistribution, the political economy of regulation, the political economy of regime change, and the political economy of natural resources. He has published in, among other places, the American Political Science Review, the Journal of Politics, the British Journal of Political Science, Comparative Political Studies, Comparative Politics, Economics & Politics, International Studies Quarterly, and World Politics and he has penned op-eds in the New York Times, Wall Street Journal, and Washington Post. http://faculty.washington.edu/vmenaldo/
Troy A. Paredes is Distinguished Policy Fellow and Lecturer at the University of Pennsylvania Law School and, as a consultant, he advises companies on financial regulation, corporate governance, regulatory enforcement, private litigation, and governmental affairs. He served as a commissioner of the US Securities and Exchange Commission (SEC) from August 2008 until August 2013, serving throughout the financial crisis and its aftermath, during which time the SEC undertook numerous initiatives to restructure the regulation of financial markets, including advancing rule makings to implement the Dodd-Frank Act and the JOBS Act. Before his government service, Paredes was a professor of law and a professor of business (by courtesy) at Washington University in St. Louis. He has also been a visiting professor of law at UCLA and Georgetown. Earlier in his career, Paredes practiced law in California at O’Melveny & Myers, Steptoe & Johnson, and Irell & Manella, where his practice focused on financings, mergers and acquisitions, and corporate governance. Paredes is the author of numerous academic articles and is a coauthor (with Louis Loss and Joel Seligman) of a multivolume securities regulation treatise, Securities Regulation. https://www.law.upenn.edu/cf/faculty/tparedes/ Joanna Tsai is a vice president in the Competition Practice of Charles River Associates, in Washington, DC. She was economic advisor to Commissioner Joshua D. Wright at the Federal Trade Commission from 2013 to 2015. While at the FTC, Tsai advised Commissioner Wright on a broad range of competition, intellectual property, and consumer protection issues. She has more than ten years of experience in antitrust, consumer protection, intellectual property, and regulatory matters in a variety of industries. Tsai’s consulting experience includes assessment of private actions involving attempted monopolization claims, damages, and advising clients on the potential unilateral and coordinated effects of proposed transactions. She frequently speaks at academic and industry conferences and has written articles for Antitrust Magazine, Antitrust Law Journal, and CPI Antitrust. Tsai holds a PhD and MA in economics from Cornell University and, since 2012, has served as vice-chair of the Economics Committee of the American Bar Association's Section of Antitrust Law. http://crai.com/expert/joanna-tsai
Joshua D. Wright was sworn in as a Commissioner of the Federal Trade Commission on January 11, 2013, to a term that expires in September 2019. Prior to joining the commission, Wright was a professor at George Mason University School of Law and held a courtesy appointment in the Department of Economics. Wright is a leading scholar in antitrust law, economics, and consumer protection and has published more than sixty articles and book chapters, co-authored a leading casebook, and edited several book volumes focusing on these issues. Wright also served as co-editor of the Supreme Court Economic Review and a senior editor of the Antitrust Law Journal. Wright previously served the commission in the Bureau of Competition as its inaugural Scholar-in-Residence from 2007 to 2008, where he focused on enforcement matters and competition policy. Wright’s return to the commission marks his fourth stint at the agency, after having served as an intern in both the Bureau of Economics and Bureau of Competition in 1997 and 1998, respectively. Wright received his JD from UCLA in 2002, his PhD in economics from UCLA in 2003, and graduated with honors from the University of California, San Diego, in 1998. He is a member of the California Bar. Before his tenure at George Mason University School of Law, Wright clerked for Judge James V. Selna of the United States District Court for the Central District of California and taught at the Pepperdine University Graduate School of Public Policy. https://www.ftc.gov/about-ftc/biographies/joshua-d-wright
STUDENTS Carolina Agurto Salazar is a Peruvian Fulbright and JJ/World Bank Scholar at the Harris School of Public Policy. She holds a bachelor’s degree in economics and finance from Universidad Peruana de Ciencias Aplicadas. She has focused her career on antitrust and competition analysis, economic and social regulation of markets, and trade issues (technical barriers to trade, trade remedies, and free trade agreement negotiations) from the private, public, and nonprofit sectors. From 2012 until she began her studies at Harris, she worked as a public policy analyst at the General Directorate of International Economic Affairs, Competition and Productivity of the Peruvian Ministry of Economy and Finance, responsible for, among other things, the regulatory reform process, introducing good regulatory practices, and good governance in the Peruvian public sector. Carolina Agurto Salazar Student, University of Chicago, Harris School of Public Policy BA, Universidad Peruana de Ciencias Aplicadas (Peru)
Besher Al-Makhlouf was born and raised in Damascus, Syria. He holds a BA in economics with an emphasis on political science and public policy from the American University of Beirut, Lebanon, and Sciences Po, Paris. Currently, he is pursuing a master’s of public policy at the Harris School of Public Policy, where he focuses on the politics of the policy making process. At the University of Chicago, he is the chair of the Committee on International Affairs and Public Policy and a co-chair of the International Policy Program at the Institute of Politics. In addition, he is a staff writer on law and politics at the Chicago Policy Review. This summer, he is working as a public service intern at the Federal Affairs Office of City of Chicago in Washington, DC. Besher Al Makhlouf Student, University of Chicago, Harris School of Public Policy BA, American University of Beirut
James Anderson is a California native, born and raised in Yosemite National Park. He completed his undergraduate education in history and French at University of California, Santa Cruz, and L'Université Michel de Montaigne Bordeaux, France. Postundergraduate, he spent summers white-water rafting on the various rivers of California, Oregon, and Arizona. In the winter he spent all his money traveling and living in new places, including Costa Rica, Panama, and Nicaragua, and living in San Francisco for a period. He then had the good fortune of being accepted to law James Anderson Student, University of California, Davis, Law School BA, University of California, Santa Cruz
school, currently attending the University of California, Davis, Law School. His interests include water law, environmental and energy law, and property law. Andrea Arevalo Arroyo is an economist born in Andrea Arevalo Arroyo Mexico City. She recently graduated from the MPP, University of Chicago, University of Chicago with a master’s degree in Harris School of Public Policy public policy. Before graduate school, Andrea BA, Centro de Investigacion y worked at Banco de Mexico. At the Central Bank, Docencia Economicas (Mexico) she was part of the international affairs team, which defined economic policy and managed the relationship with international organizations, forums, and other central banks. Andrea was also part of the G20 Mexican presidency task force that organized the finance track. She has interned at the Economist Intelligence Unit in the custom research team and at the World Bank, where she conducted research for the Latin America and the Caribbean region. Aziza Arifkhanova is an assistant policy Aziza Arifkhanova analyst at RAND with experience in Student, Pardee RAND Graduate School conducting both qualitative and quantitative MS and BS, Florida State University research in economics and international relations. Aziza holds an MS and a BS in economics and a BS in international affairs from Florida State University. She also studied at the Kiel Institute’s Advanced Studies Program in International Economic Policy Research in Germany. She worked on research projects in Central Asia, Europe, and the United States in addition to working as an economics journalist for the Banking News newspaper and a translator for the Market, Money, and Credit journal in Uzbekistan. As a research analyst at the Antimonopoly Policy Improvement Center in Tashkent, she was involved in the International Development Research Centre’s grant on the “Food Supply Chain in Uzbekistan.” Aziza is fluent in Russian and Uzbek. Jacob Chew graduated from the McCourt Jacob Chew School of Public Policy at Georgetown MPP, Georgetown University, University in May 2015. During his time at McCourt School of Public Policy Georgetown, Jacob conducted extensive BSS, National University of Singapore research into the impact of Intellectual Property Rights (IPR) regimes on clean energy technology transfer in developing countries. He is currently interested in learning more about IPR regulatory regimes with a view to helping developing countries establish stable financial systems and promote the transfer and generation of knowledge. Before graduate school, Jacob served for seven years in the Singapore Foreign Service, where he worked on issues related to international humanitarian law and analyzed political and economic developments in the Middle East. From 2009 to
2013, Jacob served as first secretary responsible for political affairs at the Singapore Embassy in Cairo, Egypt. In addition to English, Jacob speaks Mandarin, German, and Arabic. Laura D’Agostino is a rising third year student at George Mason University’s School of Law. She also is pursuing her master’s in public policy at Georgetown University. She is actively involved in both George Mason’s Civil Rights Law Journal and moot court. She is interested in appellate advocacy, constitutional issues, and the intersection of the two realms with economics and public policy. Throughout law school, she has had the opportunity to participate and learn in a variety of legal environments. She has completed externships with two judges, explored exciting and dynamic legal issues through her work at the firm Consovoy McCarthy, and gained a deeper appreciation and understanding for public interest law during her time at the Institute for Justice. When she is not in school or working she enjoys reading, hiking, and, of course, exploring new releases on Netflix. Laura D’Agostino Student, George Mason University Law School and Georgetown University BA, George Mason University
Al Downs works as an economic policy adviser in the US Senate. Al’s work in the Senate focuses on tax policy and federal budgeting, but he has also worked on trade, labor, and banking policy. He graduated from the University of Colorado at Boulder in 2012 with a bachelor’s degree in economics and mathematics. Upon graduation, Al began working in the US House of Representatives as a director of social media and shortly moved into working as a policy adviser. Al is currently pursuing a master’s degree in economic policy from the McCourt School of Public Policy at Georgetown University and is scheduled to graduate in December 2016. Originally from Boulder, Colorado, Al now lives in Washington, DC. Al Downs Student, Georgetown University, McCourt School of Public Policy BA, University of Colorado
Ledina Gocaj is a rising third year student at Harvard Law School. Her research is focused on the design and administration of the complex supervisory system of financial institutions in the United States. At Harvard, Ledina is a senior research associate at the Committee on Capital Markets Regulation and a research assistant for Professor Howell Jackson. She is also a recipient of the Paul and Daisy Soros Fellowship for New Americans. Previously, Ledina has worked at Allen & Overy, the US Securities and Exchange Commission, and the investment banking arm of Barclays. She graduated with honors and Phi Beta Kappa from Princeton University in 2011. After law Ledina Gocaj Student, Harvard Law School AB, Princeton University
school, Ledina will clerk for Judge Douglas H. Ginsburg on the US Court of Appeals for the District of Columbia Circuit. Golda Lai is a third-year law student at the Golda Lai University of Pennsylvania Law School, where she Student, University of Pennsylvania is editor in chief of the Journal of Law and Social Law School Change. She is specifically interested in patent law MA, SUNY at Buffalo and antitrust and plans to join the litigation practice BS, University of Florida group at Paul, Weiss, Rifkind, Wharton & Garrison LLP in New York after graduation. She holds a bachelor’s degree in microbiology and cell science and a master’s degree in pharmacology. Golda is thrilled to attend the Hoover IP 2 Summer Teaching Institute on the Economics and Politics of Regulation; she hopes the program will complement her knowledge of the law and open new possibilities for career paths. Outside law school, Golda enjoys Latin dance and martial arts. Henry Liu is a research intern at the Paulson Henry Liu Institute, where he conducts research on China’s MPP, University of Chicago, foreign direct investment and sustainable Harris School of Public Policy urbanization. He also manages the Paulson Institute BA, Wuhan University (China) publication and social media maintenance. Before his work at the Paulson Institute, Henry was a research analyst for the chief financial officer at DC Government in 2014. He is an author of the major report “DC’s Income Inequality Trend from 2001 to 2012.” He also interned as an assistant for China’s vice minister of culture in 2012. He served on the editorial boards for the book Fifty Years of Brotherhood, China-Tanzania Diplomacy. Henry received his master’s in public policy from the University of Chicago with a concentration in finance and policy analytics, and has a bachelor’s in economics from Wuhan University. He is originally from Beijing. Claire O’Hanlon is an assistant policy analyst Claire O’Hanlon at the RAND Corporation and a doctoral Student, Pardee RAND Graduate School candidate at the Pardee RAND Graduate MPP, University of Chicago, School. Her work at RAND focuses on US Harris School of Public Policy health care policy, especially related to BS, Harvey Mudd College technologies such as pharmaceutical drugs, medical devices, and information technology. Claire was previously a research assistant at the School of Medicine at the University of Chicago Medicine, where she worked on lifeexpectancy models, and a business development intern at Knopp Biosciences, where she developed pharmacoeconomic models. She has also worked as a technician in a drug delivery and imaging lab at Duquesne University. Claire holds a master’s in public policy
from the Harris School of Public Policy at the University of Chicago, a certificate in health administration and policy from the University of Chicago, and a BS in engineering from Harvey Mudd College. Gabrielle Orfield recently earned a master’s in public policy from the McCourt School of Public Policy at Georgetown University. Her main interest area is the intersection between agriculture and environmental policy. Her thesis explores the relationship between land ownership (in agriculture) and participation in federal conservation programs. While at the McCourt School, she was the treasurer and president of the Women in Public Policy Initiative. In addition, she has worked for the University of Minnesota, AmeriCorps, the Minnesota State Senate, the House of Representatives, the Consumer Financial Protection Bureau, and the Council of Economic Advisers. She is interested in big data, social justice and incarceration issues, art, and cats. She recently moved to Portland, Oregon, and looks forward to meeting the students and professors participating in the Hoover IP2 Summer Teaching Institute! Gabrielle Orfield MPP, Georgetown University, McCourt School of Public Policy BA, University of Minnesota
Joseph Rodriguez is currently a student at the McCourt School of Public Policy at Georgetown University. In addition, he works full-time for the US Patent and Trademark Office as a patent examiner. Since his time at Northwestern University, where he studied both physics and political science, Joseph has been interested in the nexus of science and the law. Presently working in that space, Joseph seeks a deeper understanding of the policy area in practice. Born and raised in and around Saint Louis, Missouri, Joseph is most concerned with the benefits thriving science and technology sectors can bring to an economy, particularly for those regions lagging behind. Joseph’s interests also include music, poker, chess, and Cardinals baseball. From a big family, Joseph is one of a set of triplets. Joseph Rodriguez Student, Georgetown University, McCourt School of Public Policy BA, Northwestern University
Caroline Rosenzweig is pursuing a master's degree in public policy at the University of California, Berkeley, with a focus on women’s rights in areas such as access to reproductive health care and violence against women. Before moving to Berkeley for graduate school, she worked in Washington, DC, at Meridian International Center, where she managed the logistic and financial details of the State Department’s International Visitor Leadership Program. Previously, she worked Caroline Rosenzweig Student, University of California, Berkeley, Goldman School of Public Policy BA, University of Michigan
with the International Center for Journalists and the Bureau of Educational and Cultural Affairs at the US Department of State, assisting with the implementation of Fulbright Programs in the Western Hemisphere. Carrie earned a BA in Spanish language and literature from the University of Michigan; she is originally from Saint Louis, Missouri. Mariana Saenz is entering her third year of Mariana Saenz a dual-degree public policy and public Student, University of California, Berkeley, health master’s program at the University Goldman School of Public Policy and of California, Berkeley. Before graduate School of Public Health school she worked as a social-sector BA, University of California, Berkeley consultant focused on helping county BA, University of Michigan health departments prepare for health care reform through strategic planning processes and evaluation. As a graduate student, she has focused on learning about the health care system through the different disciplines. In addition, she has worked with different stakeholders in the health care system, including Kaiser Permanente, Blue Shield of California, and currently Rona Consulting Group (a lean hospital management consulting firm). Her master’s project focused on identifying opportunities to align financial incentives to increase access to end of-life care services for Blue Shield of California’s patients, resulting in improved health outcomes, quality of care, and a reduction in total costs. She is looking forward to this opportunity and meeting everyone in the program. Angelique Salib graduated from the University of Angelique Salib Chicago Law School in 2015 and from Wheaton College MPP, University of Chicago in Illinois in 2011 with a degree in psychology and Law School French. During law school, she participated in the BA, Wheaton College Jessup International Moot Court and International Law Society and received a certificate in health administration and policy. She has worked in the Office of the General Counsel of the University of Chicago Medical Center, the American Dental Association, and the Rehabilitation Institute of Chicago. She also worked in Budapest, Hungary, for a human rights organization and conducted research on national security. She plans on working in the health care industry with an emphasis on transactional work, antitrust regulation, and compliance. She is a Chicago native with a passion for deepdish pizza. Melissa Wassmuth MPP, Hertie School of Governance (Germany) BA, University College Maastricht (Netherlands)
Melissa Wassmuth is a recent master’s in public policy graduate from the Hertie School of Governance, Berlin, where she focused on regulatory governance and infrastructure economics. She received her bachelor’s degree from University
College Maastricht, majoring in international law and philosophy. During her studies, she spent semesters abroad in Seville, Spain, and at Georgetown University in Washington, DC. Melissa is embarking on a career as a public sector consultant in the field of information technology and services at a public-private firm based in Berlin. Previously she gained professional experience in the regulation management department of Deutsche Post DHL. Before that, Melissa worked in the German Federal Ministry for the Environment, where she assisted in developing a monitoring and evaluation system for international climate finance. A speaker of four languages and an enthusiastic traveler, Melissa has developed a passion for intercultural communication. Zhang “Roger” Xin is a senior research fellow at the Competition Law Center of the University of International Business and Economics (IUBE) as well as a PhD student at UIBE Law School. In 2012, Roger came to the United States as a Fulbright visiting scholar and conducted research in competition law under the guidance of Professor William E. Kovacic. He was involved in multiple research projects and has published many articles on antitrust law. Roger also participated as an expert in antimonopoly law in drafting and commenting on guidelines, administrative regulations, and other related implementation documents issued by the State Administration for Industry and Commerce and the National Development Reform Commission and handled multiple research projects on legislation for both the above authorities. In 2013, Zhang was also involved as an expert in individual cases handled by the Ministry of Commerce of the People’s Republic of China. Zhang “Roger” Xin Student, Competition Law Center of the University of International Business and Economics (China) BA, Shangdon University (China)
HOOVER IP² STEERING COMMITTEE Stephen Haber, the Peter and Helen Bing Senior Fellow at the Hoover Institution and the A.A. and Jeanne Welch Milligan Professor in the School of Humanities and Sciences at Stanford University, is also professor of political science, history, and (by courtesy) economics at Stanford. He has been awarded every teaching prize at Stanford, including the Walter J. Gores Award for distinguished teaching. His research examines political institutions and economic policies that “hold up” innovation. His current research examines the creation of regulatory barriers to entry in finance, the economic and political consequences of hold-up problems created by different systems of agricultural production, and the comparative development of patent systems. Haber’s most recent book, Fragile by Design (with Charles Calomiris), examines how governments and industry incumbents often craft banking regulatory policies in ways that stifle competition and increase systemic risk. Richard A. Epstein, the Peter and Kirsten Bedford Senior Fellow at the Hoover Institution, the Laurence A. Tisch Professor of Law at New York University, and a senior lecturer at the University of Chicago, researches and writes on a broad range of constitutional, economic, historical, and philosophical subjects. He has taught administrative law, antitrust law, communications law, constitutional law, corporate law, criminal law, employment discrimination law, environmental law, food and drug law, health law, labor law, Roman law, real estate development and finance, and individual and corporate taxation. His publications cover an equally broad range of topics. His most recent book, published in 2013, is The Classical Liberal Constitution: The Uncertain Quest for Limited Government. He is a past editor of the Journal of Legal Studies (1981–91) and the Journal of Law and Economics (1991– 2001). Wesley Hartmann, associate professor of marketing at the Stanford Graduate School of Business, is an economist who specializes in industrial organization and applies and develops econometric techniques to analyze questions relevant to the decisions of firms and consumers. One stream of his research focuses on decision making over time: studying intertemporal substitution of demand in capacity-constrained industries, price discrimination, and the measurement of switching costs. Another research stream considers the effects of social networks on decision making. This research finds a link between social networks and outsourcing and also explores direct network effects among consumers. His recent work focuses on television advertising, Internet advertising, and the interplay between the two. His research has appeared in the Journal of Law, Economics, and Organization; Quantitative Marketing and Economics; and Marketing Science. He currently teaches the MBA core class in competitive strategy.
Naomi R. Lamoreaux, the Stanley B. Resor Professor of Economics and History at Yale University and a research associate at the NBER, has taught at Brown and UCLA. She wrote The Great Merger Movement in American Business, 1895–1904 and Insider Lending: Banks, Personal Connections, and Economic Development in Industrial New England, edited five books, and published scores of articles on business, economic, and financial history. Her current research interests include patenting and the market for technology in the nineteenth and twentieth centuries in the United States, business organizational forms and contractual freedom in the United States and Europe in the nineteenth and twentieth centuries, the public/private distinction in US history, and the rise and decline of innovative regions. Lamoreaux was president of the Business History Conference and the Economic History Association and is a fellow of the American Academy of Arts and Sciences. Ross Levine is the Willis H. Booth Chair in Banking and Finance at the Haas School of Business, University of California, Berkeley; a research associate at the NBER; a member of the Council on Foreign Relations; and a member of the Scientific Advisory Council of the European Systemic Risk Board. His work focuses on the linkages among financial sector policies, the operation of financial systems, and the functioning of economies. His two most recent books, Rethinking Bank Regulation: Till Angels Govern and Guardians of Finance: Making Regulators Work for Us, stress that regulatory policies often stymie competition and encourage risk-taking, with deleterious effects on productivity growth and living standards. Levine has published more than a hundred scholarly articles and advises governments, central banks, and multilateral organizations. Troy A. Paredes is Distinguished Policy Fellow and Lecturer at the University of Pennsylvania Law School and, as a consultant, he advises companies on financial regulation, corporate governance, regulatory enforcement, private litigation, and governmental affairs. He served as a commissioner of the US Securities and Exchange Commission (SEC) from August 2008 until August 2013, serving throughout the financial crisis and its aftermath, during which time the SEC undertook numerous initiatives to restructure the regulation of financial markets, including advancing rule makings to implement the Dodd-Frank Act and the JOBS Act. Before his government service, Paredes was a professor of law and a professor of business (by courtesy) at Washington University in St. Louis. He has also been a visiting professor of law at UCLA and Georgetown. Earlier in his career, Paredes practiced law in California at O’Melveny & Myers, Steptoe & Johnson, and Irell & Manella, where his practice focused on financings, mergers and acquisitions, and corporate governance. Paredes is the author of numerous academic articles and is a coauthor (with Louis Loss and Joel Seligman) of a multivolume securities regulation treatise, Securities Regulation.
Henry E. Smith is the Fessenden Professor of Law at Harvard Law School, where he directs the Project on the Foundations of Private Law. Previously, he taught at the Northwestern University School of Law and was the Fred A. Johnston Professor of Property and Environmental Law at Yale Law School. Smith has written primarily on the law and economics of property and intellectual property, with a focus on how propertyrelated institutions lower information costs and constrain strategic behavior. He teaches primarily in the areas of property, intellectual property, natural resources, remedies, taxation, and law and economics. Smith’s most recent book is The Oxford Introductions to U.S. Law: Property (coauthored with Thomas W. Merrill). He is the coeditor of The Research Handbook on the Economics of Property Law (with Kenneth Ayotte), Philosophical Foundations of Property Law (with James Penner), and Perspectives on Property Law (with Robert C. Ellickson and Carol M. Rose). Richard Sousa, research fellow at the Hoover Institution, is an economist who specializes in human capital, discrimination, labor market issues, and K–12 education. He coauthored School Figures: The Data behind the Debate and coedited What Lies Ahead for America’s Children and Their Schools and Reacting to the Spending Spree: Policy Changes We Can Afford; his op-eds have appeared in leading newspapers around the country. Sousa was responsible for launching the Institution’s major communications initiatives, including the Hoover Digest, Hoover Weekly Essays series, Education Next, Policy Review, and Uncommon Knowledge. He was senior associate director at Hoover until 2014. From 1990 to 1995, he directed the Institution’s Diplomat Training Program. He served as director of the Hoover Institution Library and Archives from 2007 to 2012 and was responsible for major acquisitions, including the Chiang Kaishek diaries; the William Rehnquist papers; the Georgia, Estonia, and Lithuanian KGB files; and the B’ath Party collection. Amy Zegart, Davies Family Senior Fellow at the Hoover Institution, professor (by courtesy) at Stanford’s Graduate School of Business, and codirector of Stanford’s Center for International Security and Cooperation, was previously a professor of public policy at UCLA’s Luskin School of Public Affairs. Zegart’s research examines organizational development, adaptation, and innovation in national security policy. Her most recent book is Eyes on Spies: Congress and the United States Intelligence Community; she also authored the awardwinning books Flawed by Design and Spying Blind. She publishes in leading political science journals, including International Security and Political Science Quarterly. Zegart served on the NSC and on the National Academies of Science Panel to Improve Intelligence Analysis and as a foreign policy adviser to the Bush-Cheney 2000 presidential campaign. She worked as a management consultant at McKinsey & Company, advising firms on strategy and organizational effectiveness.
HOOVER IP² ADVISORY BOARD Rod Cooper is the managing director of Phalanx Investments, LLC, and founder of the Cooper Law Group, the licensing company Protecting Assets of the Mind, LLC, and strategic networking company Marquee Business Alliances, LLC. Cooper's expertise focuses around science, technology, entertainment, and law, with an emphasis in licensing regarding technology, entertainment, sports marketing, and enforcement of intellectual property. He recently started TexaCali Productions, LLC, a production company focused on feature films that he serves as president. Before founding the Cooper Law Group in 2003, Rod practiced at the law firm of Sidley & Austin. In 2006 he joined the law firm of Nix, Patterson & Roach as lead partner for the intellectual property section. During his legal career, he has handled a number of significant intellectual property cases for both plaintiffs and defendants. Rod is a graduate of the Dedman School of Law at Southern Methodist University where he served as articles editor for the Computer Law Review and Technology Journal, founded the SMU Intellectual Property Organization, and was appointed a member of the Barristers. Before entering law school, Rod received honors in both his MS degree in molecular biology and biotechnology and BA degree in neuroscience, from the University of Colorado. He is a member of the United States Patent Bar and has also been past president of the Dallas Fort Worth Chapter of the Licensing Executive Society (receiving an Outstanding Chapter Award under his leadership) and a founding instructor for the Professional Development Series presented by the Licensing Executive Society. Benjamin Kwitek is an entrepreneur, inventor, and angel investor from Colorado. He currently serves as president and CEO of InterForm, Incorporated. He also helps lead Bullet Proof Technology, Gellyfish Technology, and Papernomad GmbH. Many world-class companies, including Acer, Dell, Herman Miller, Lenovo, Pentel, and Sony, have licensed his ideas. He holds degrees and honors from Colorado State University and the University of Colorado. In 2005, he completed his PhD at Colorado State University where his research, entitled Driving Economic Development, looked at partnerships between colleges and high-tech businesses. He has further studied innovation and intellectual property at the Harvard Business School. Kwitek has appeared in BMW Magazine, Digital Trends, Entrepreneur, Forbes, Rhapsody, Robb Report, and newspapers across the United States. In his spare time he teaches business and economics at Pueblo Community College. He has lectured on patents at Stanford University and enjoys assisting fellow inventors and startups with their innovation strategies.
Damon C. Matteo is the CEO of Fulcrum Strategy, where he provides strategic guidance and tactical execution to realize maximum commercial advantage from innovation and intellectual property assets, from invention through monetization. His career spans over twenty years across all facets of the strategic creation, funding, management, and commercialization of highvalue innovations and intellectual property assets in an international context. Matteo operates across industry and technology domains spanning mobile computing and smart phones, big data, social networking, energy, and clean tech (e.g., solar and water), web and e-commerce, computer and consumer electronics, networking (e.g., interoperability and security), and telecom. Additional leadership roles include as two-term chairman of the US Patent & Trademark Office’s (USPTO) Public Advisory Committee, which operates like a board of directors (overseeing operations, goals, performance, budget, and so on) for the USPTO; the Advisory Board of Hoover IP2; the Board of the Tsinghua University Intellectual Property Center; the Board of the European Center for Intellectual Property Studies; the Board at the Intellectual Property Institute of Norway; and as chairman of the Silicon Valley Licensing Executive Society Chapter. Matteo also serves as an expert for the US Congress; federal agencies, including the US Department of Commerce and US Security and Exchange Commission; the United Nations; and at trial and as a lecturer at universities worldwide. Lauren Schoenthaler, senior university counsel, joined Stanford in 2001 and practices general university law, concentrating on student matters, copyright, privacy, and dispute resolution. Before coming to Stanford, Schoenthaler clerked for the Honorable A. Wallace Tashima, at both the Ninth Circuit Court of Appeals and the Central District of California. Schoenthaler has also served as a deputy district attorney for Santa Clara County. In the private sector, Schoenthaler was an associate of (now) Pillsbury Winthrop, practicing primarily in the areas of antitrust, intellectual property, and general litigation. Schoenthaler received her BA degree from Northwestern University and her JD from Hastings College of the Law, magna cum laude. At Hastings, Schoenthaler was an editor of the Hastings Law Journal and a member of Order of the Coif. Mark Snyder is a Qualcomm vice president and patent counsel. Mark joined Qualcomm Incorporated in 2008 and has represented the company in numerous intellectual property and licensing-related disputes. Currently, Mark is responsible for the coordination of patent policy and advocacy efforts. He earned his engineering degree from the University of Rochester and his law and MBA degrees from Boston College Law School and the Boston College Carroll School of Management. He has been a registered patent attorney since 1993 and is admitted to the bars of California, Colorado (inactive), and the District of Columbia. Before working at Qualcomm, Mark worked in both law firms and as in-house counsel, most recently for Kyocera Wireless Corp., where he managed the intellectual property group with responsibility for prosecution, licensing, and litigation matters.
Roy Waldron is the Chief Intellectual Property Counsel, Senior Vice President & Associate General Counsel at Pfizer Inc., one of the largest pharmaceutical companies in the world with R&D focusing on Oncology, Vaccines, Inflammation & Immunology, Rare Diseases, Neuroscience, Pain and Metabolic Diseases. Roy leads the team that procures and protects Pfizer patents and trademarks around the world; and works closely with Pfizer Worldwide Research & Development, the Pfizer Business Units and their Business Development groups. He represents Pfizer on the committees of various industry organizations including IFPMA (Chair of International IP & Trade Committee), PhRMA (International IP & Policy Working Group), Intellectual Property Owners Association (Executive Committee; Board of Directors, Amicus Committee) and INTERPAT (Executive Committee). Prior to Pfizer, Roy was in private practice at White & Case LLP and Fish & Neave. He has a JD from New York University Law School, a PhD from Yale (physical-organic chemistry) and a BA (chemistry) from Dartmouth College. He was also a DAAD Scholar at the AlbrechtLudwigs University in Freiburg Germany and a JSPS Post-Doctoral Fellow at Kyoto University Japan.
In addition to donors who wish to remain anonymous, the Hoover Institution and Stanford University thank the following donors for their unrestricted support for Hoover IP 2
About Hoover IP2 Does the US patent system as currently constituted hold up or push forward the commercialization of technological innovations? Does the US patent system frustrate or facilitate the inventive activities and entrepreneurial processes central to economic growth? The US patent system is a solution to a delicate balancing act where the complete absence of intellectual property rights or the overly broad specification of those rights can thwart innovation. Inventors require the means to earn a return on the years spent perfecting an invention. Conversely, patents extending in perpetuity that require licensing and royalty payments would dissuade legitimate use and encourage excessive imitation. Further, a patent system providing property rights to the original patent holder for all future inventions that built on the original idea is nonoptimal. Such an unbalanced system would discourage innovation. The US patent system addresses the need for balance by • Providing a fixed-term property right for a specific and novel invention • Requiring, in turn, that the design features of the invention be widely disseminated so that they enter the public domain once the term of the patent expires • Permitting a patentee to exchange or license the patented invention The Hoover Institution Working Group on Intellectual Property, Innovation, and Prosperity (Hoover IP2) reviews the premises of the US patent system and addresses questions of scope, specification, duration, and economic impact of that system. Hoover IP2’s goals are to • Build a dense network of scholars, from a variety of academic disciplines, who are engaged in research on the US patent system • Analyze the implications that may be drawn from those research results • Publish the resulting scholarship in peer-reviewed venues • Disseminate that scholarship to the larger public
HOOVER IP2 HOOVER INSTITUTION WORKING GROUP ON INTELLECTUAL PROPERTY, INNOVATION, AND PROSPERITY Hoover IP2 Steering Committee Stephen Haber, Director Richard Epstein Wesley Hartmann Naomi Lamoreaux Ross Levine Troy Paredes Henry Smith Richard Sousa Amy Zegart Hoover IP2 Advisory Board Rod Cooper, Chair Benjamin Kwitek Damon Matteo Lauren Schoenthaler Mark Snyder Roy Waldron www.hooverip2.org
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