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The Crowding-Out Effects of Long Duration of Patents

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  • Chien-fu Chou
  • Oz Shy
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Abstract

In this article we demonstrate how a long duration of patents affects investment in new product development. We construct an overlapping-generations model of saving, investment, and product innovation and show that a long duration of patents results in a high aggregate value of monopoly firms that compete for the younger generation's savings with investment in new product development. We analyze the crowding-out effects of long duration of patents and their implications for individual's welfare under different patent regimes.

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File URL: http://links.jstor.org/sici?sici=0741-6261%28199322%2924%3A2%3C304%3ATCEOLD%3E2.0.CO%3B2-B&origin=repec
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Bibliographic Info

Article provided by The RAND Corporation in its journal RAND Journal of Economics.

Volume (Year): 24 (1993)
Issue (Month): 2 (Summer)
Pages: 304-312

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Handle: RePEc:rje:randje:v:24:y:1993:i:summer:p:304-312

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Cited by:
  1. Gerlagh, Reyer & Kverndokk, Snorre & Rosendahl, Knut Einar, 2014. "The optimal time path of clean energy R&D policy when patents have finite lifetime," Journal of Environmental Economics and Management, Elsevier, vol. 67(1), pages 2-19.

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