The value of U.S. patents by owner and patent characteristics
AbstractThis paper uses renewal data to estimate the value of U.S. patents, controlling for patent and owner characteristics. Estimates of U.S. patent value are substantially larger than estimates for European patents, however, the ratio of U.S. patent value to R&D for firms is only about 3%. Contrary to a common assertion, patents issued to small patentees are much less valuable than those issued to large corporations. Litigated patents are more valuable, as are highly cited patents. However, patent citations explain little variance in value, suggesting limits to their use as a measure of patent quality.
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Bibliographic InfoArticle provided by Elsevier in its journal Research Policy.
Volume (Year): 37 (2008)
Issue (Month): 5 (June)
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Other versions of this item:
- James Bessen, 2006. "The Value of U.S. Patents by Owner and Patent Characteristics," Working Papers 0603, Research on Innovation.
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