Stay Connected

Follow ERS on Twitter
Subscribe to RSS feeds
Subscribe to ERS e-Newsletters.aspx
Listen to ERS podcasts
Read ERS blogs at USDA

Andrew Toole



Andrew is an Economist in the Structure, Technology and Productivity Branch of ERS. His research focuses on how entrepreneurship, firm performance, and industry structure depend on public and private R&D investments, university research, training, and related science and technology policies.


Dr. Toole has developed expertise in the evaluation of publicly funded life science research investment, particularly as it relates to the economics of the pharmaceutical and biotechnology industries. He has performed advisory work on science and technology policy issues for institutions such as the U.S. National Academies of Science, and the U.S. National Institutes of Health.


Andrew has a Ph.D. in Economics from Michigan State University.

Professional Affiliations:

The Center for European Economic Research (ZEW). (June 2008-present). Dr. Toole is a Visiting Research Professor for the Industrial Economics Group at ZEW, Mannheim, Germany.

National Bureau of Economic Research (NBER). (April 2005-present). Dr. Toole is a member of the Entrepreneurship Working Group.

Society Memberships: American Economics Association (AEA), American Society of Health Economists (ASHE), International Health Economics Association (iHEA)

Selected Publications:

Czarnitzki, D., and Toole, A. A. (2011). "Patent protection, market uncertainty, and R&D investment," The Review of Economics and Statistics, 93(1), 147–159

Toole, A. A., and Czarnitzki, D. (2010). "Commercializing Science: Is there a University Brain Drain from Academic Entrepreneurship?" Management Science 56(9), 1599-1614.

Czarnitzki, D., and Toole A. A. (2010). "Is there a trade-off between academic research and faculty entrepreneurship? Evidence from U.S. NIH supported biomedical researchers," Economics of Innovation and New Technology, 19(5), 505-520.

Toole, A. A., and Czarnitzki, D. (2009). "Exploring the relationship between scientist human capital and firm performance: The case of biomedical academic entrepreneurs in the SBIR program," Management Science, 55(1), 101-114.

Toole, A. A., and Turvey, C. (2009). "How does initial public financing influence private incentives for follow-on investment in early-stage technologies?" Journal of Technology Transfer, 34(1), 43-58.

Czarnitzki, D., and Toole, A. A. (2007). "Business R&D and the interplay of R&D subsidies and market uncertainty." Review of Industrial Organization, 31(3), 169-181.

Toole, A. A., and Czarnitzki, D. (2007). "Biomedical academic entrepreneurship through the SBIR program." Journal of Economic Behavior & Organization, 63(4), 716-738.

Toole, A. A. (2007). "Does public scientific research complement private investment in research and development in the pharmaceutical industry?" Journal of Law & Economics, 50(1), 81-104.

David, P. A., Hall, B. H., and Toole, A. A. (2000). "Is public R&D a complement or substitute for private R&D? A review of the econometric evidence." Research Policy, 29(4-5), 497-529.

Last updated: Monday, August 03, 2015

For more information contact: Website Administrator