National Biodiesel Board

Consumer surplus, the area between the demand curve and the price, plays a key role in many models of trade and growth. Quantifying it typically requires estimating and extrapolating demand curves. This paper provides an alternative approach to measuring consumer surplus by focusing on firms as consumers of inputs. We show that the elasticity of a downstream firm's marginal cost to supplier additions and separations measures the downstream firm's consumer surplus relative to its input costs. Using Belgian data and instrumenting for changes in supplier access, we find that for every 1% of suppliers gained or lost, the marginal cost of downstream firms falls or rises by roughly 0.3%. Our estimates are directly informative about the strength of love‐of‐variety effects and the gains from movements along quality ladders. We use our microeconomic estimates of consumer surplus to assess the macroeconomic importance of supplier additions and separations in a growth accounting framework. We find that supplier churn plausibly accounts for about half of aggregate productivity growth.

The use of nanoparticles (NPs) in biomedicine has made a gradual transition from proof-of-concept to clinical applications, with several NP types meeting regulatory approval or undergoing clinical trials. A new type of metallic nanostructures called ultrasmall nanoparticles (usNPs) and nanoclusters (NCs), while retaining essential properties of the larger (classical) NPs, have features common to bioactive proteins. This combination expands the potential use of usNPs and NCs to areas of diagnosis and therapy traditionally reserved for small-molecule medicine. Their distinctive physicochemical properties can lead to unique in vivo behaviors, including improved renal clearance and tumor distribution. Both the beneficial and potentially deleterious outcomes (cytotoxicity, inflammation) can, in principle, be controlled through a judicious choice of the nanocore shape and size, as well as the chemical ligands attached to the surface. At present, the ability to control the behavior of usNPs is limited, partly because advances are still needed in nanoengineering and chemical synthesis to manufacture and characterize ultrasmall nanostructures and partly because our understanding of their interactions in biological environments is incomplete. This review addresses the second limitation. We review experimental and computational methods currently available to understand molecular mechanisms, with particular attention to usNP–protein complexation, and highlight areas where further progress is needed. We discuss approaches that we find most promising to provide relevant molecular-level insight for designing usNPs with specific behaviors and pave the way to translational applications.