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Patent races optimal with respect to entry

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  • Hartwick, John M.

Abstract

We introduce a patent (prize) which induces entry at a level which satisfies the basic condition of optimality with respect to the 'size' of the race (a second best patent). We observe that for the Lee-Wilde model of a patent race the second best prize induces approximately the socially optimal (first best) outcome. The approach of the second best patent provides one explanation for why discoverers should only receive a fraction of the ex post social value of their discovery.

Suggested Citation

  • Hartwick, John M., 1991. "Patent races optimal with respect to entry," International Journal of Industrial Organization, Elsevier, vol. 9(2), pages 197-207, June.
    • Handle: RePEc:eee:indorg:v:9:y:1991:i:2:p:197-207
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    Cited by:

    1. Alice Guerra & Barbara Luppi & Francesco Parisi, 2019. "Productive and unproductive competition: a unified framework," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 36(3), pages 785-804, October.
    2. John Hartwick, 2004. "Binomial R&d Races And Growth," Working Paper 1022, Economics Department, Queen's University.
    3. Rajeev Goel, 2000. "Price-cap regulation and uncertain technical change," Applied Economics Letters, Taylor & Francis Journals, vol. 7(11), pages 739-742.

    More about this item

    JEL classification:

    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • L68 - Industrial Organization - - Industry Studies: Manufacturing - - - Appliances; Furniture; Other Consumer Durables

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