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Static and Dynamic Effects of Health Policy: Evidence from the Vaccine Industry
Abstract
Public policies designed to increase utilization of existing technologies may also affect incentives to develop new technologies. This paper investigates this phenomenon by examining policies designed to increase usage of preexisting vaccines. I find that these policies were associated with a 2.5-fold increase in clinical trials for new vaccines. For several diseases, the induced innovation is socially wasteful, though small in magnitude. In one case, however, the “dynamic” social welfare benefits from induced innovation exceed the policies' “static” benefits from increasing vaccination with existing technology. These findings underscore the importance of including technological progress in economic analysis of public policy.
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Cites
How Much Should We Trust Differences-in-Differences Estimates?
Bertrand, M., Duflo, E., & Mullainathan, S. (2004) · The Quarterly Journal of Economics · doi:10.1162/003355304772839588 · Cited by 10,641
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Acemoglu, D., & Restrepo, P. (2022) · The Review of Economic Studies · doi:10.1093/restud/rdab031 · Cited by 586
Defensive Investments and the Demand for Air Quality: Evidence from the NOx Budget Program
Deschênes, O., Greenstone, M., & Shapiro, J. S. (2017) · American Economic Review · doi:10.1257/aer.20131002 · Cited by 489
Do Physicians' Financial Incentives Affect Medical Treatment and Patient Health?
Clemens, J., & Gottlieb, J. D. (2014) · American Economic Review · doi:10.1257/aer.104.4.1320 · Cited by 485
Patents and Cumulative Innovation: Causal Evidence from the Courts *
Galasso, A., & Schankerman, M. (2015) · The Quarterly Journal of Economics · doi:10.1093/qje/qju029 · Cited by 448
Income, Insurance, And Technology: Why Does Health Spending Outpace Economic Growth?
Smith, S., Newhouse, J. P., & Freeland, M. S. (2009) · Health Affairs · doi:10.1377/hlthaff.28.5.1276 · Cited by 384
Metadata
- Authors
- Finkelstein, A.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 2004-05-01
- Volume
- 119
- Issue
- 2
- Pages
- 527-564
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2172174118
- Cited by
- 321
- References
- 1
- FWCI
- 22.92
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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