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The authors thank George Hay, Stewart Schwab, and the faculties of Boston University School of Law and Cornell Law School for their comments. Daniel Forester provided excellent research assistance.

A draft version of this paper was presented at the Licensing of Intellectual Property Symposium held at The University of Chicago Law School on June 18 and 19, 2010. This work is part of the ongoing Hoover Institution Project on Commercializing Innovation, which studies the law, economics, and politics of innovation and which is available online at http://www.innovation.hoover.org. We thank Kevin Outterson, Associate Professor at Boston University School of Law, for pointing out our errors in reading the emergency conditions in TRIPS Article 31 in an earlier version of this paper and Brett Davenport, New York University Law School, Class of 2012 for his prompt and expert research assistance.

I am grateful to participants in the Licensing of Intellectual Property Symposium at The University of Chicago Law School for helpful comments on an earlier draft.

This research has been supported by grants from the John M. Olin Foundation and the University of Virginia Law School Foundation. The authors wish to thank Diego Leclery, Nevin Tomlinson, and Michelle Grabner of the School of the Art Institute of Chicago for helping organize the study and Meg Scalia, Lindsay Bartlett, Doug Boyle, and Daniel Crone for their superb research assistance. The authors are grateful for helpful comments received from Margo Bagley, Tom Chen, John Duffy, Dave Fagundes, Dan Gilbert, Wendy Gordon, Paul Heald, Laura Heymann, Andy Johnson-Laird, Kay Kitagawa, Ed Kitch, Oskar Liivak, Orly Lobel, Lydia Loren, Jonathan Masur, Greg Mitchell, Jeff Rachlinski, Matt Sag, Rebecca Tushnet, Alfred Yen, and participants at the Licensing of Intellectual Property Symposium at The University of Chicago Law School, the Intellectual Property Scholars Conference at the UC Berkeley School of Law, and workshops at the UCLA School of Law, the Lewis & Clark Law School, and the University of Michigan Law School.

I am grateful to Lee Fennell, Saul Levmore, Ariel Porat, David Schwartz, and participants at two workshops in Chicago for helpful discussions.

My thanks to Peter Horn and Benjamin Margo, NYU Law School Class of 2014 for their excellent research decision on an earlier draft of this Response.

We thank Jane Baron, Craig Green, Zev Eigen, Yuval Feldman, Bob Hillman, Greg Mandel, Rafael Pardo, Alex Radus, Brishen Rogers, David Zaring, and participants at faculty colloquia at Vanderbilt Law School, the Wharton School at the University of Pennsylvania, University of Washington, William & Mary Law School, as well as at the Conference on Empirical Legal Studies for comments on earlier drafts.

I thank Kyle Bagwell and Bob Staiger for helpful conversations on the subject and participants in The University of Chicago Immigration Law and Institutional Design Symposium, held at The University of Chicago Law School on June 15 and 16, 2012, for many thoughtful comments.