Table 5:

Alternative First Stages, Past and Future Windfalls

	Dependent variable: Total DST Funding
	Past Windfall	Current Windfall	Future Windfall
	(1)	(2)	(3)
Windfall Funding	0.067 (0.243)	1.251*** (0.232)	0.085 (0.205)
R2	0.927	0.921	0.927
Observations	9,326	14,085	9,326

Note: This table presents alternative first stages using past and future windfall funding. Current windfall funding is the total amount of funding for awarded DST grants within 25 grants of an Institute specific award cutoff in the same year T. Future windfall is this same amount, but defined for DS,T+1. Past windfall funding is similarly defined, for DS,T-1. Controls include disease-science and disease-year fixed effects, linear science-year time trends, as well as fixed effects for the number of applicants to a DST, the number of applicants within a 25-grant radius window around the IC payline, as well as cubics in the average raw and rank scores of applications in the funding window. The outcome variables are fractional patent counts.

Standard errors in parentheses, clustered at the disease/science level (*p < 0.10, **p < 0.05, ***p < 0.01).