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Do patents over-compensate innovators?

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  • Vincenzo Denicolo

Abstract

"Is the current level of patent protection too high or too low? To address this issue, this paper reformulates the theoretical analysis of the optimal level of patent protection to take into account the empirical findings of the innovation production function literature. This literature finds a strong relationship between R&D spending and inventions and estimates an elasticity of the supply of inventions of 0.5 or more. The paper then assesses the current level of patent protection, exploiting estimates of the private and social returns to R&D taken from the empirical literature and other available sources. Although more research is needed for a more precise assessment, the evidence available suggests that patents do not over-compensate innovators." Copyright (c) CEPR, CES, MSH, 2007.

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Bibliographic Info

Article provided by CEPR & CES & MSH in its journal Economic Policy.

Volume (Year): 22 (2007)
Issue (Month): (October)
Pages: 679-729

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Handle: RePEc:bla:ecpoli:v:22:y:2007:i::p:679-729

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Citations

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Cited by:
  1. Denicolò, Vincenzo & Halmenschlager, Christine, 2012. "Optimal patentability requirements with complementary innovations," European Economic Review, Elsevier, vol. 56(2), pages 190-204.
  2. Caregari, Davide, 2010. "Diritti di proprietà intellettuale: sviluppi recenti e prospettive di riforma
    [Intellectual property rights: recent developements and reform prospects]
    ," MPRA Paper 28132, University Library of Munich, Germany.
  3. Cozzi, Guido & Galli, Silvia, 2011. "Privatization of Knowledge: Did the U.S. Get It Right? (New Version)," MPRA Paper 29710, University Library of Munich, Germany.
  4. Elisabetta Ottoz & Franco Cugno, 2008. "Patent--Secret Mix in Complex Product Firms," American Law and Economics Review, Oxford University Press, vol. 10(1), pages 142-158.
  5. Silvia Galli, 2006. "Patents and Research Tools in a Schumpeterian Growth Model with Sequential Innovation," Rivista di Politica Economica, SIPI Spa, vol. 96(6), pages 63-104, November-.
  6. Francesco Bogliacino & Alberto José Naranjo Ramos, 2008. "Optimal intellectual property rights protection: the case of Colombia," Economics Bulletin, AccessEcon, vol. 15(20), pages 1-15.

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