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Thanks to Bill Allen, Michal Barzuza, Ryan Bubb, Emiliano Catan, John Coates, Ed Durkin, Wei Jiang, Tom Lin, Susan Permut, Roberta Romano, Simone Sepe, and Jennifer Shotwell for comments on earlier drafts. We are also grateful for comments we received at the University of Pennsylvania Institute for Law and Economics Corporate Roundtable, the Harvard Law School Law and Economics Seminar, the Law and Economics Colloquium at the University of Virginia Law School, the NYU/Penn Conference on Law and Finance, the Hebrew University of Jerusalem Law and Finance Workshop, and the Annual Meeting of the American Law and Economics Association.

I am grateful for funding from the Petrie-Flom Center and Harvard Law School and for helpful comments from Michael Abramowicz, Jonathan Adler, Albert Alschuler, Scott Altman, Ian Ayres, William Baude, Adam Cox, Elizabeth Emens, Richard Fallon, Joe Farrell, Brian Fitzpatrick, Charles Fried, John Goldberg, Wendy Gordon, Rick Hills, Bert Huang, Daryl Levinson, John Manning, Eric Rasmusen, Chris Robertson, Louis Michael Seidman, Christopher Serkin, Steven Shavell, Suzanna Sherry, Sonja Starr, Matt Stephenson, Cass Sunstein, Mark Tushnet, Adrian Vermeule, Abe Wickelgren, and participants in the Harvard Law Faculty Workshop, the Harvard Law and Economics Workshop, the Vanderbilt Law Faculty Workshop, and the 2014 Yale conference on Medicare and Medicaid.

Earlier versions of this Article were presented at the 2015 Intellectual Property Scholars Conference; the University of Pennsylvania Law School Center for Technology, Innovation and Competition’s 2015 Copyright Scholarship Roundtable; a workshop on the Oxford Handbook on Intellectual Property at Tel Aviv University; the Fourth Global Congress on Intellectual Property and the Public Interest at the National Law University, Delhi, India; and the 2015 annual conferences of the Association of Law, Property, and Society and the International Society for New Institutional Economics. This Article greatly benefited from the comments and criticisms of participants in those conferences, as well as from those of Larry Alexander, Shyamkrishna Balganesh, Oren Bracha, Ben Depoorter, Kristelia García, Jane Ginsburg, Brad Greenberg, Paul Heald, Justin Hughes, Roberta Kwall, Orly Lobel, Glynn Lunney, David McGowan, Joseph Miller, Justine Pila, Lisa Ramsey, Terrence Ross, Guy Rub, Matthew Sag, Pam Samuelson, Maimon Schwarzschild, Ted Sichelman, Steve Smith, Horacio Spector, Christian Turner, Chris Wonnell, and Christopher Yoo; and from excellent research assistance from Ananth Padmanabhan. We are especially grateful to Wendy Gordon for critical comments and constructive suggestions and for encouraging us to carefully rethink our original positions.