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Expected Profits and The Scientific Novelty of Innovation -- by David Dranove, Craig Garthwaite, Manuel I. Hermosilla

Innovation policy involves trading off monopoly output and pricing in the short run in exchange for incentives for firms to develop new products in the future. While existing research demonstrates that expected profits fuel R&D investments, little is known about the novelty of the projects funded by these investments. Relying on data that describe the scientific approaches used by a large sample of experimental drug projects, we expand on this literature by examining the scientific novelty of pharmaceutical R&D investments following the creation of the Medicare Part D program. We find little evidence that the positive demand shock implied by this program prompted firms to undertake scientifically novel R&D activity, as measured by whether the specific scientific approach had been used before. However, we find some evidence that firms invested in products involving novel combinations of scientific approaches. These estimates can inform economists and policymakers assessing the tradeoffs associated with marginal changes in commercial returns from newly developed pharmaceutical products.




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Live coronavirus updates for Thursday, May 7: Utah minorities especially affected by COVID-19, panelists say




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Bill Tibbitts: Utah must not allow people to be evicted for being sick during a pandemic




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2 men arrested in killing of unarmed black jogger Ahmaud Arbery in Georgia after outrage

Gregory McMichael, 64, and his 34-year-old son Travis have been charged with murdering Arbery.




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Coronavirus may linger in semen of infected men, poses small risk for COVID-19 infection via sex: study

The semen of men infected with coronavirus revealed that the disease lingered in only a few patients, suggesting there is a small chance COVID-19 can be transmitted sexually, researchers said.




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No burglaries were reported in neighborhood where Ahmaud Arbery was killed, contradicting suspects’ claim: report

An already-unlikely motive in the Ahmaud Arbery murder case became even more suspicious on Friday. The two Georgia men who were caught on video shooting the unarmed jogger to death in February claim they were chasing a suspect behind a series of burglaries in the area. But a local police official said the last break-in the neighborhood was reported nearly two months before the shooting.




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2 men arrested in Michigan store shooting over mask dispute

Two men were arrested in a fatal shooting in Flint, Mich.




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A bridge too far: Bill Baroni, Bridget Kelly and Chris Christie committed moral crimes against New Jersey

By the time in 2015 when prosecutors indicted Chris Christie flunkies Bridget Kelly and Bill Baroni for shutting down Fort Lee’s George Washington Bridge lanes for four days in 2013 to punish the mayor for failing to endorse the big man in Trenton’s reelection, the two sick sycophants had long lost their stupid sinecures in the State House and Port Authority. And Christie had already rightly lost the trust of Jerseyans for building the hothouse in which the lichens could grow.




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How to save the world: A VE Day salute to the men and women who defeated Hitler

The monster who started it, Hitler, was dead, with a coward’s bullet to the head. Also gone was FDR, the man who mobilized a nation and built a worldwide coalition to defeat Germany. As were millions of men who fought in the second war to end all wars to crush an insane regime that had murdered millions of civilian men, women and children, Jew and gentile. Churchill, who stood sometimes alone against the threat, would soon be turned out by the voters.




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Devonte Green’s complicated path to the NBA Draft

He is preparing for the 2020 NBA Draft in a year where basketball is no longer the same.




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Ex-NBA player Shannon Brown arrested for shooting at people he thought were breaking into his home

Former NBA guard Shannon Brown was arrested recently after shooting a rifle in a mixup at his home.




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Patriots QB Tom Brady reportedly buying $9M Greenwich estate

New England Patriots quarterback Tom Brady and his wife, Gisele Bundchen, reportedly have wrapped up their house hunting in Greenwich, settling on a seven-bedroom, nearly 15,000-square-foot estate.




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Ousted WeWork co-founder Adam Neumann selling Manhattan penthouse for $37.5 million

Billionaire Adam Neumann, who was ousted from WeWork after the company’s botched attempt to go public last year, is selling a swanky penthouse in Manhattan’s Gramercy Park neighborhood for $37.5 million. The 41-year-old Israeli entrepreneur, whose unorthodox management style made shocking headlines in recent months, reportedly combined a four-bedroom penthouse and a three-bedroom apartment that he bought in 2017 into a massive three-story unit.




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Rangers' Robertson an isolated figure in SPFL row

Rangers managing director Stewart Robertson has been accused of making "baseless, damaging and self-serving attacks" by his fellow Scottish Professional Football League board members.




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A Multi-Risk SIR Model with Optimally Targeted Lockdown -- by Daron Acemoglu, Victor Chernozhukov, Iván Werning, Michael D. Whinston

We develop a multi-risk SIR model (MR-SIR) where infection, hospitalization and fatality rates vary between groups—in particular between the “young”, “the middle-aged” and the “old”. Our MR-SIR model enables a tractable quantitative analysis of optimal policy similar to those already developed in the context of the homogeneous-agent SIR models. For baseline parameter values for the COVID-19 pandemic applied to the US, we find that optimal policies differentially targeting risk/age groups significantly outperform optimal uniform policies and most of the gains can be realized by having stricter lockdown policies on the oldest group. For example, for the same economic cost (24.3% decline in GDP), optimal semi–targeted or fully-targeted policies reduce mortality from 1.83% to 0.71% (thus, saving 2.7 million lives) relative to optimal uniform policies. Intuitively, a strict and long lockdown for the most vulnerable group both reduces infections and enables less strict lockdowns for the lower-risk groups. We also study the impacts of social distancing, the matching technology, the expected arrival time of a vaccine, and testing with or without tracing on optimal policies. Overall, targeted policies that are combined with measures that reduce interactions between groups and increase testing and isolation of the infected can minimize both economic losses and deaths in our model.




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Off-duty FDNY firefighter busted for DWI after found sleeping in parked car

Police discovered firefighter Lenzell Ross, 28, snoozing in his parked Tesla on the side of the Belt Parkway near Shore Parkway in Lindenwood about 2:30 a.m., authorities said.




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Brooklyn father who stabbed 2-year-old son in temple with comb charged with attempted murder

Jahvier Perez, 26, faces attempted murder, assault and child endangerment charges in the grisly Saturday morning attack, which may have left the two-year-old brain-damaged, police sources said.




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Trinitarios takedown nabs seven reputed high-ranking gang-bangers

The defendants were linked in a 15-page Manhattan court filing with a cornucopia of crimes committed between 2010-19, from murder to robbery, wire fraud to kidnapping, and drug dealing to identity theft.




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Knife-wielding straphanger slashes face of woman whose child vomited on Brooklyn bus

A Brooklyn woman was slashed in the face with a knife by an enraged passenger after her child threw up on a city bus.




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Man wrongly convicted in 1995 Brooklyn gang murder sues the state for $100 million

Christian Pacheco, 42, was wrongly convicted in the racially-motivated Latin Kings killing of Lemuel Cruz, who died in December 1995 at a Brooklyn club called El Sabor Latino. Pacheco was nabbed by cops as he was trying to save Cruz's life. “I don’t regret helping him — honestly, I don’t. That’s the kind of person that I am," Pacheco told reporters Thursday.




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Brooklyn man suspected of murdering love triangle rival and burning corpse took victim’s seat in church

The murder may have happened outside the city.




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Coronavirus threat leads Diocese of Brooklyn to close all 186 parishes, after two priests and more congregants infected

The diocese made the dramatic announcement after confirming positive coronavirus tests for two priests: One at a church in Queens, the other at a church in Brooklyn.




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Transgender woman housed with men repeatedly raped in Brooklyn federal lockup: lawsuit

A transgender woman awaiting trial on charges that she swindled elderly women out of their savings was raped repeatedly in jail after she was housed against her will with rowdy male inmates, according to a new lawsuit.




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Brooklyn District Attorney Eric Gonzalez says coronavirus crisis has shifted his focus to releasing inmates, rather than locking them up

The fourth-year DA told the Daily News in an interview that his focus has shifted dramatically during the crisis, as trials and grand juries have been put on hold across the state.




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She paid $15,000 for mom’s final arrangements — and now worries Brooklyn funeral home stored remains on unrefrigerated U-Haul truck

NYC Mayor de Blasio denounced storing bodies in unrefrigerated and unmanned U-Haul trucks outside of Andrew T. Cleckley Funeral Home on Utica Ave. and Ave. M in Flatlands




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Teen arrested outside Hasidic funeral in Brooklyn as cops seek to enforce social distancing

The scene on 43rd St. between 13th Ave. and 14th Ave. unfolded at about 4 p.m. Thursday as mourners flouted social distancing norms to attend what was supposed to be a private funeral at the home of Rabbi Cheskel Wagshel, 95, said a family friend.




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DEA investigator busted in sting for trying to arrange sex with 14-year-old: officials

Frederick Scheinin, 29, of Sunnyside, Queens, allegedly chatted for months with a federal agent posing as a minor, and now faces charges in Manhattan federal court of attempting to entice a minor and attempting to produce child pornography.




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Three NYC teachers tested for coronavirus after returning from Italy

One of the educators, who works at James Madison High School in Brooklyn, tested negative despite showing symptoms, and the other two are awaiting test results, the mayor said




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NYC teacher arrested for collecting $29,000 from fraudulent medical leave

Jeffrey Gooding collected a city salary for five months during a medical leave — while simultaneously working for a Harlem charter school, according to investigators.




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Harlem charter school principal arrested for assaulting 7-year-old boy

Jason Epting, 43, the principal of Harlem Hebrew Language Academy, left the boy gushing blood from his forehead and concussed during a January encounter Epting first tried to brush off as an accident, the boy’s horrified mother told the Daily News.




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Black and Latino students admitted to NYC’s specialized high schools stays flat at 11%

At Stuyvesant High School in Manhattan, the city’s most selective public high school, only 10 black students and 20 Latino students got admissions offers, out of nearly 800 students accepted, data shows.




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Nearly 8,000 NYC elementary school students qualify for ‘gifted’ school programs, neighborhood disparities persist

The bulk of students taking the test do so before starting Kindergarten—an aspect of the process critics say privileges parents with the money and savvy to prepare their young kids for the high-stakes exams.




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Ighalo wants to see out the season with United

Nigeria striker Odion Ighalo hopes that his loan deal at Manchester United is extended until the Premier League season is completed following the coronavirus lockdown.




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Repeat Signage V4.0.16 - Customer requested improvements

Schedule player monitor and full PC shutdown. Data Manager Excel support. New logging system.




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Sample presentations created with Repeat Signage software

We have created sample presentations for a variety of market sectors, including education, healthcare, restaurants, estate agents, retail, hotels, training centers and theme park attractions.






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Former truck driver arrested in Iowa for three murders dating back nearly 30 years

A fomer-long haul truck driver behind bars for allegedly killing three women in Tennessee and Wyoming in the 1990s is now being investigated for any ties he may have to other cold murder cases, police said.




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No burglaries were reported in neighborhood where Ahmaud Arbery was killed, contradicting suspects’ claim: report

An already-unlikely motive in the Ahmaud Arbery murder case became even more suspicious on Friday. The two Georgia men who were caught on video shooting the unarmed jogger to death in February claim they were chasing a suspect behind a series of burglaries in the area. But a local police official said the last break-in the neighborhood was reported nearly two months before the shooting.




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2 men arrested in Michigan store shooting over mask dispute

Two men were arrested in a fatal shooting in Flint, Mich.




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Out of work and out of money: New Yorkers remain frustrated by overburdened state unemployment system

Gov. Cuomo said he understands the worries of those out of work during the coronavirus pandemic — but the sentiment offered little solace to those who have been watching their bank accounts dwindle for weeks with no relief in sight.




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England's Lincoln Cathedral Is Consecrated (1092)

Not long after William the Conqueror named Remigius de Fécamp bishop of what was then the largest diocese in the country, he decided to move the seat of the diocese to a more central location. For the next 20 years, Remigius oversaw construction of a magnificent new cathedral in Lincoln, only to die days before its consecration. Today, its architecture is considered to be priceless. When Queen Eleanor died nearby in 1290, which parts of her body were buried at the cathedral? Discuss




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Bill Beaumont re-elected as World Rugby chairman

Bill Beaumont has been re-elected as the chairman of World Rugby, the governing body has announced.




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NOVA Nominated For Three Emmy Awards

PBS leads the list with 47 nominations.




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In a first, astronomers may have detected a black hole swallowing a neutron star

The LIGO and Virgo observatories appear to have picked up gravitational waves from a first-of-its-kind astronomical observation.




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These albino lizards are the first gene-edited non-avian reptiles

Scientists injected CRISPR gene-editing machinery into unfertilized eggs still developing in female lizards’ ovaries.




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Astronomers may have just detected the most massive neutron star yet

It’s almost too dense to exist. Almost.




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Soot from polluted air can reach the fetal side of the placenta

A new study hints at the ways in which air pollution may directly impact a fetus.




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Invasive, flammable grasses now blanket much of the United States

New research quantifies the fire risks of eight species of invasive grass.




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How Has COVID-19 Impacted Bike Retail in North America & Beyond?



With the world in the throes of a global pandemic, bicycle retailers have come up with solutions to continue business and keep riders on their bikes as best they can.
( Photos: 10, Comments: 131 )