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The Optimum Life of a Patent When the Timing of Innovations is Stochastic

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  • V. Denicolo'

Abstract

This paper studies the optimal lifetime of a patent in a model where the timing of innovatons: is uncertain. We assume a Poisson discovery process with a linear hazard function and contractural R&D costs. The invention industry is modelled in three alternative ways: i) monopoly; ii) oligopoly with free entry; iii) perfect competition. Several comparative staties results are derived.

Suggested Citation

  • V. Denicolo', 1995. "The Optimum Life of a Patent When the Timing of Innovations is Stochastic," Working Papers 225, Dipartimento Scienze Economiche, Universita' di Bologna.
    • Handle: RePEc:bol:bodewp:225
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