Matching Demand and Supply in a Weightless Economy: Market-Driven Creativity With and Without IPRs
AbstractMany cultural products have the same nonrival nature as scientific knowledge. They therefore face identical difficulties in creation and dissemination. One traditional view says market failure is endemic: societies tolerate monopolistic inefficiency in intellectual property (IP) protection to incentivize the creation and distribution of intellectual assets. This paper examines that tradeoff in dynamic, representative agent general equilibrium, and characterizes socially efficient creativity. Markets for intellectual assets protected by IP rights can produce too much or too little innovation.
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Bibliographic InfoPaper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0534.
Date of creation: Jun 2002
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Web page: http://cep.lse.ac.uk/_new/publications/series.asp?prog=CEP
cultural good; finitely expansible; innovation; intellectual asset; intellectual property; Internet; IP valuation; IPR; knowledge product; MP3; nonrival; software;
Find related papers by JEL classification:
- D90 - Microeconomics - - Intertemporal Choice and Growth - - - General
- O14 - Economic Development, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
- O30 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - General
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- Patrick Legros, 2005.
"Art and the Internet: Blessing the Curse?,"
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