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Professor
Stern was raised in Hauppauge, NY, and graduated with a BA degree in Economics
from New York
University. After
working for a consulting company in New York,
Stern attended Stanford
University and
received his PhD in Economics in 1996. From 1995-2001, Stern was
Assistant Professor of Management at the Sloan School
at MIT, and, from 2001-2003, Stern was a Non-Resident Senior Fellow of
the Brookings Institution. Stern is an Associate Professor in the
Kellogg School of Management at Northwestern University,
and a Research Associate of the National Bureau of Economic Research.
He is also a co-organizer of the Innovation Policy and the Economy
Program at the National Bureau of Economic Research, and the Academic
Director of the Kellogg Biotechnology Program. He is also an Associate Editor of
Management Science, the International Journal of Industrial
Organization, and the Journal of Business and Economic Statistics, a
Contributing Editor to the Antitrust Law Journal, and serves on the
Board of Management of the International Schumpeter Society. In 2005, Stern was awarded the first
Ewing Marion Kauffman Prize Medal for Distinguished Research in
Entrepreneurship.
Stern explores how
innovation - the production and distribution of "ideas" -
differs from more traditional economic goods, and the implications of
these differences for business and public policy. Often focusing
on the pharmaceutical and biotechnology industries, this research is at
the intersection between industrial organization and the economics of
technical change. Recent studies examine the determinants of
R&D productivity, the role of incentives and organizational design
on the process of innovation, and the drivers of commercialization
strategy for technology entrepreneurs. A key conclusion from this
research is that, particularly for start-up innovators, the ability to
translate "ideas" into competitive advantage depends on
subtle elements of the firm's microeconomic and competitive environment.
Effective management of innovation depends on the integration between
the firm's commercialization strategy, research organization, and
technology development choices.
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