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Theory of Value

In: Intellectual Property Statistics

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  • Eskil Ullberg

    (College of Humanities and Social Sciences, George Mason University)

Abstract

International trade in ideas (IP) is characterized by genuine uncertainty and high risk in the assets traded – patents and contracts on patents. A proposal for a theory of value under uncertainty is presented and discussed where the inventors’ strategies play the role of reducing the uncertainty to levels of risk that are economically acceptable. Institutional arrangements also affect the uncertainty and risk, by affecting the strategies firms chose, which in turn reduces the uncertainty. The strategies real firms use are discussed, as well as the implications for investment decisions, business models, and likelihood of cooperation through trade between inventor firms. Topics discussed also include outcome measures such as return on IP assets, terms of trade, and a level playing field.

Suggested Citation

  • Eskil Ullberg, 2023. "Theory of Value," Contributions to Economics, in: Intellectual Property Statistics, chapter 0, pages 25-50, Springer.
    • Handle: RePEc:spr:conchp:978-3-031-36386-3_2
    DOI: 10.1007/978-3-031-36386-3_2
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