Entrepreneurship and Innovation Policy and the Economy: Volume 2 (Volume 2)

Rigorous nonpartisan research on the effects of economic forces and public policy on entrepreneurship and innovation. Entrepreneurship and innovation are widely recognized as drivers of economic dynamics and long-term prosperity.This series communicates key findings about the implications of entrepreneurial and innovative activity across the economy.In the first paper, Joseph Barberio, Jacob Becraft, Zied Ben Chaouch, Dimitris Bertsimas, Tasuku Kitada, Michael Li, Andrew Lo, Kevin Shi, and Qingyang Xu explore pharmaceutical firms’ weak incentives to develop vaccines against prospective diseases-due to high investment risks, low expected returns, and the rarity of pandemics- and consider a portfolio approach to financing vaccine research.Next, Daniel Hemel and Lisa Larrimore Ouellette describe a “trilemma” between quality, price, and access that appears after a generic pharmaceuticals patent expires, and show that it is difficult in a regulatory context to achieve distinct goals around