Risk-Mitigating Technologies: The Case of Radiation Diagnostic Devices
研究了消费者风险感知如何推动企业创新，利用2009年CT扫描仪过度辐射事故后风险感知激增，发现风险感知上升促进了风险缓解技术的开发和新产品推出，大企业在新产品引入上反应更显著。
We study the impact of consumers’ risk perception on firm innovation. Our analysis exploits a major surge in the perceived risk of radiation diagnostic devices following extensive media coverage of a set of overradiation accidents involving computed tomography (CT) scanners in late 2009. Using data on radiation diagnostic device patents and Food and Drug Administration (FDA) product clearances, we find that the increased perception of radiation risk spurred the development of new technologies that mitigated such risk and led to a greater number of new products. Using CT scanners as a case study, we provide an in-depth characterization of two different types of risk-mitigating technologies that firms developed after the shock. Firm-level analysis shows that, although firms were similarly responsive in their patenting activities, large incumbents were significantly more responsive than smaller firms in terms of new product introductions, and, in the case of CT scanners, large incumbents were also significantly more responsive in terms of the more radical type of risk-mitigating technologies. We also provide qualitative evidence and describe patterns of equipment usage and upgrade that are consistent with increased risk perception and, consequently, a greater willingness to pay for safety. Overall, our findings suggest that changes in risk perception can be an important driver of innovation, can shape the direction of technological progress, and can impact market structure. This paper was accepted by Ashish Arora, entrepreneurship and innovation.