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Internal sequential innovations: How does interrelatedness affect patent renewal?

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  • Liu, Kun
  • Arthurs, Jonathan
  • Cullen, John
  • Alexander, Roger
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    Abstract

    The value of patented innovations has attracted substantial research attention, especially in the context of patent renewal. However, research often assumes that a firm's patented innovations are independent from each other. We draw upon evolutionary economics and suggest that some of a firm's patents share important genealogical relationships, which we refer to as internal sequential innovations. We propose internal sequential innovations are more valuable and therefore more likely to be renewed than stand-alone innovations. We examine our hypotheses from a dataset of US pharmaceutical and biotechnology patents. The results confirm our hypotheses at both the patent and the firm levels.

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    Bibliographic Info

    Article provided by Elsevier in its journal Research Policy.

    Volume (Year): 37 (2008)
    Issue (Month): 5 (June)
    Pages: 946-953

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    Handle: RePEc:eee:respol:v:37:y:2008:i:5:p:946-953

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    Web page: http://www.elsevier.com/locate/respol

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    1. Harhoff, Dietmar & Scherer, Frederic M. & Vopel, Katrin, 2003. "Citations, family size, opposition and the value of patent rights," Research Policy, Elsevier, vol. 32(8), pages 1343-1363, September.
    2. Sharon Belenzon, 2006. "Knowledge Flow and Sequential Innovation: Implications for Technology Diffusion, R&D and Market Value," Economics Series Working Papers 259, University of Oxford, Department of Economics.
    3. James Bessen & Eric Maskin, 2009. "Sequential innovation, patents, and imitation," RAND Journal of Economics, RAND Corporation, vol. 40(4), pages 611-635.
    4. Carl Shapiro, 2004. "Navigating the Patent Thicket: Cross Licenses, Patent Pools and Standard Setting," Levine's Working Paper Archive 122247000000000539, David K. Levine.
    5. Reitzig, Markus, 2003. "What determines patent value?: Insights from the semiconductor industry," Research Policy, Elsevier, vol. 32(1), pages 13-26, January.
    6. Dietmar Harhoff & Francis Narin & F. M. Scherer & Katrin Vopel, 1999. "Citation Frequency And The Value Of Patented Inventions," The Review of Economics and Statistics, MIT Press, vol. 81(3), pages 511-515, August.
    7. Marc Baudry & BĂ©atrice Dumont, 2006. "Patent Renewals as Options: Improving the Mechanism for Weeding Out Lousy Patents," Review of Industrial Organization, Springer, vol. 28(1), pages 41-62, 02.
    8. Pakes, Ariel S, 1986. "Patents as Options: Some Estimates of the Value of Holding European Patent Stocks," Econometrica, Econometric Society, vol. 54(4), pages 755-84, July.
    9. Bronwyn H. Hall & Adam Jaffe & Manuel Trajtenberg, 2005. "Market Value and Patent Citations," RAND Journal of Economics, The RAND Corporation, vol. 36(1), pages 16-38, Spring.
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    Cited by:
    1. Jinyoung Kim, 2010. "Patent Portfolio Management of Sequential Innovations," Discussion Paper Series 1005, Institute of Economic Research, Korea University.

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