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I show that R&D wedges can be measured from R&D returns and document large and persistent differ- ences in R&D returns across U.S.-listed firms. Combining data and model, I estimate that frictions reduced productivity growth by 11% over 1975\u20132014 and that rising misallocation in the R&D sector accounts for 32% of the growth slowdown.", "occurrence_notes":null, "guid":"149561-21906705@events.umich.edu", "permalink":"http:\/\/events.umich.edu\/event\/149561", "building_id":"1005177", "building_name":"North Quad", "campus_maps_id":"553", "room":"4325", "location_name":"North Quad", "has_livestream":0, "cost":"", "tags":["Economics","Macroeconomics","seminar"], "website":"http:\/\/www.lsa.umich.edu\/econ", "sponsors":[ { "group_name":"Department of Economics", "group_id":"3302", "website":"http:\/\/www.lsa.umich.edu\/econ" } ], "image_url":"https:\/\/events.umich.edu\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "styled_images":{ "event_thumb":"https:\/\/events.umich.edu\/media\/cache\/event_thumb\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "event_large":"https:\/\/events.umich.edu\/media\/cache\/event_large\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "event_large_2x":"https:\/\/events.umich.edu\/media\/cache\/event_large_2x\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "event_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/event_large_lightbox\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "group_thumb":"https:\/\/events.umich.edu\/media\/cache\/group_thumb\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "group_thumb_square":"https:\/\/events.umich.edu\/media\/cache\/group_thumb_square\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "group_large":"https:\/\/events.umich.edu\/media\/cache\/group_large\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "group_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/group_large_lightbox\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "event_large_crop":"https:\/\/events.umich.edu\/media\/cache\/event_large_crop\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "event_list":"https:\/\/events.umich.edu\/media\/cache\/event_list\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "event_list_2x":"https:\/\/events.umich.edu\/media\/cache\/event_list_2x\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "event_grid":"https:\/\/events.umich.edu\/media\/cache\/event_grid\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "event_grid_2x":"https:\/\/events.umich.edu\/media\/cache\/event_grid_2x\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "event_feature_large":"https:\/\/events.umich.edu\/media\/cache\/event_feature_large\/media\/attachments\/2026\/09\/event_149561_original-2.jpg", "event_feature_thumb":"https:\/\/events.umich.edu\/media\/cache\/event_feature_thumb\/media\/attachments\/2026\/09\/event_149561_original-2.jpg" }, "occurrence_count":1, "first_occurrence":21906705 } , "149500-21906527": { "datetime_modified":"20260928T222213", "datetime_start":"20261006T130000", "datetime_end":"20261006T142000", "has_end_time":1, "date_start":"2026-10-06", "date_end":"2026-10-06", "time_start":"13:00:00", "time_end":"14:20:00", "time_zone":"America\/Detroit", "event_title":"A Prior-Agnostic Test for Bayesian Updating (by Cheaheon Lim and Tomasz Strzalecki)", "occurrence_title":"", "combined_title":"A Prior-Agnostic Test for Bayesian Updating (by Cheaheon Lim and Tomasz Strzalecki): Tomasz Strzalecki, Harvard University", "event_subtitle":"Tomasz Strzalecki, Harvard University", "event_type":"Workshop \/ Seminar", "event_type_id":"21", "description":"We develop a test of Bayesian updating \u201cin the field,\u201d where the analyst observes neither the likelihood function nor the realized signals. Our test works ex post, conditional on every realized state, and is prior-agnostic in the sense that its validity does not require the agent\u2019s prior to be \u201ccorrect.\u201d We compare our procedure to tests based on the martingale property of beliefs, which are valid only ex ante, before the state is realized, and only if the prior is correct. Whereas martingale tests are sensitive to correlation between issues, our test is robust to such dependence. Even when issues are independent, we find that our test typically has greater power relative to the martingale-based tests. In an empirical application using individual-level belief data, we illustrate how our procedure provides a more direct test of Bayesian updating than the martingale-based alternatives.", "occurrence_notes":null, "guid":"149500-21906527@events.umich.edu", "permalink":"http:\/\/events.umich.edu\/event\/149500", "building_id":"1005177", "building_name":"North Quad", "campus_maps_id":"553", "room":"4300", "location_name":"North Quad", "has_livestream":0, "cost":"", "tags":["Economics","seminar","Theory"], "website":"http:\/\/www.lsa.umich.edu\/econ", "sponsors":[ { "group_name":"Department of Economics", "group_id":"3302", "website":"http:\/\/www.lsa.umich.edu\/econ" } ], "image_url":"https:\/\/events.umich.edu\/media\/attachments\/2026\/07\/event_149500_original-1.png", "styled_images":{ "event_thumb":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_thumb\/media\/attachments\/2026\/07\/event_149500_original-1.png", "event_large":"https:\/\/events.umich.edu\/media\/cache\/event_large\/media\/attachments\/2026\/07\/event_149500_original-1.png", "event_large_2x":"https:\/\/events.umich.edu\/media\/cache\/event_large_2x\/media\/attachments\/2026\/07\/event_149500_original-1.png", "event_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/event_large_lightbox\/media\/attachments\/2026\/07\/event_149500_original-1.png", "group_thumb":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_thumb\/media\/attachments\/2026\/07\/event_149500_original-1.png", "group_thumb_square":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_thumb_square\/media\/attachments\/2026\/07\/event_149500_original-1.png", "group_large":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_large\/media\/attachments\/2026\/07\/event_149500_original-1.png", "group_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_large_lightbox\/media\/attachments\/2026\/07\/event_149500_original-1.png", "event_large_crop":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_large_crop\/media\/attachments\/2026\/07\/event_149500_original-1.png", "event_list":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_list\/media\/attachments\/2026\/07\/event_149500_original-1.png", "event_list_2x":"https:\/\/events.umich.edu\/media\/cache\/event_list_2x\/media\/attachments\/2026\/07\/event_149500_original-1.png", "event_grid":"https:\/\/events.umich.edu\/media\/cache\/event_grid\/media\/attachments\/2026\/07\/event_149500_original-1.png", "event_grid_2x":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_grid_2x\/media\/attachments\/2026\/07\/event_149500_original-1.png", "event_feature_large":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_feature_large\/media\/attachments\/2026\/07\/event_149500_original-1.png", "event_feature_thumb":"https:\/\/events.umich.edu\/media\/cache\/event_feature_thumb\/media\/attachments\/2026\/07\/event_149500_original-1.png" }, "occurrence_count":1, "first_occurrence":21906527 } , "152048-21912765": { "datetime_modified":"20261002T075849", "datetime_start":"20261007T093000", "datetime_end":"20261007T105000", "has_end_time":1, "date_start":"2026-10-07", "date_end":"2026-10-07", "time_start":"09:30:00", "time_end":"10:50:00", "time_zone":"America\/Detroit", "event_title":"Plugging in the Wind and Sun: Grid Integration with Cost Externalities and Uncertainty, joint with Gautam Gowrisankaran and Nicholas Ryan", "occurrence_title":"", "combined_title":"Plugging in the Wind and Sun: Grid Integration with Cost Externalities and Uncertainty, joint with Gautam Gowrisankaran and Nicholas Ryan: Ashley Langer, University of Arizona", "event_subtitle":"Ashley Langer, University of Arizona", "event_type":"Workshop \/ Seminar", "event_type_id":"21", "description":"There is currently 140% as much renewable power capacity seeking to connect to the U.S. electric grid as total installed capacity. 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Exploiting the staggered roll-out of MIDs across Texas counties, together with administrative data on attorney employment and caseloads, jail populations, and newly compiled arrest and prison records, we show that introducing management concentrates cases among a smaller set of local lawyers. Management reduces the use of bench warrants and the probability of imprisonment. Sentences among those incarcerated lengthen as imprisonment falls, implying that the defendants diverted from prison would have served relatively short terms. 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