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Thanks to Will Baude, Vince Buccola, Richard Epstein, Ashley Keller, Adam Mortara, Nick Rosenkranz, James Sullivan, and David Strauss for comments.

I am grateful to Curt Bradley, Aaron Bruhl, Neal Devins, Vicki Jackson, Alli Larsen, Henry Monaghan, Jonathan Nash, and Jim Pfander for helpful comments on earlier drafts. I also appreciate the suggestions of participants at a faculty workshop at William and Mary Law School.

I am deeply indebted to my colleague Ed Cheng for his insights on the data analysis.

I appreciate helpful and timely comments from Samuel Bray, Jud Campbell, Jonathan Mitchell, Richard Primus, Richard Re, Stephen Sachs, Lawrence Solum, and the editors of The University of Chicago Law Review, as well as research support from the SNR Denton Fund and the Alumni Faculty Fund.

For helpful comments, I thank Omri Ben-Shahar, Rebecca S. Eisenberg, Margaret J. Radin, and the participants in the Law and Economics workshop at the University of Michigan Law School and the Licensing of Intellectual Property Symposium at The University of Chicago Law School. The views expressed in this work, as well as all remaining errors, are, of course, my own.

I thank the John M. Olin Foundation and the Paul H. Leffmann Fund for their generous research support. I also thank Lorraine Saxton for able research assistance and Connie Fleischer, Sheri Lewis, and Margaret Schilt in the D’Angelo Law Library for helping to track down missing sources.

I thank Richard Epstein, Mark Lemley, Saul Levmore, Doug Lichtman, and participants at the Licensing of Intellectual Property Symposium at The University of Chicago Law School for helpful comments. I also thank Joe Bingham for excellent research assistance.

I am grateful to participants at the AALS section on Commercial Law and Related Consumer Law, Barry Adler, Oren Bar-Gill, Yannis Bakos, Kevin Davis, Clay Gillette, Lewis Kornhauser, Roberta Romano, and Jeff Wurgler for helpful comments. Mangesh Kulkarni provided excellent research assistance.