000			01280nam a22001577a 4500
999			_c513835 _d513835
008			200904b ||||| |||| 00| 0 eng d
100			_aGrennan, Matthew, and Town, Robert J. _917573
245			_aRegulating innovation with uncertain quality: information, risk, and access in medical devices
260			_aAmerican Economic Review
300			_a110(1), Jan 2020. p.120-61
520			_aWe study the impact of regulating product entry and quality information requirements on an oligopoly equilibrium and consumer welfare. Product testing can reduce consumer uncertainty, but also increase entry costs and delay entry. Using variation between EU and US medical device regulations, we document patterns consistent with valuable learning from more stringent US requirements. To derive welfare implications, we pair the data with a model of supply, demand, and testing regulation. US policy is indistinguishable from the policy that maximizes total surplus in our estimated model, while the European Union could benefit from more testing. "Post-market surveillance" could further increase surplus.
650			_aConsumer protection - United States, Market Structure, Pricing _917571
773			_aAmerican Economic Review
906			_aCONSUMPTION - UNITED STATES
942			_cAR