Bucci, Alberto (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES)) Saglam, H.C. (UNIVERSITE CATHOLIQUE DE LOUVAIN, Institut de Recherches Economiques et Sociales (IRES))
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Using a vertical differentiation model of endogenous growth with stochastic R&D activity, we characterize the optimal patent life-time the government would set in order to maximize economic growth. We show that a finite patent life-time does exist and is unique provided that the expected rate of return from R&D is sufficiently large. Additionally, we analyze the impact of the level of competition in R&D sector, the interest rate, the level of monopoly profit and the productivity parameter of research technology on this optimal patent life-time.
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Find related papers by JEL classification: O31 - Economic Development, Technological Change, and Growth - - Technological Change - - - Innovation and Invention: Processes and Incentives O38 - Economic Development, Technological Change, and Growth - - Technological Change - - - Government Policy O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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