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Buy, Keep or Sell: Economic Growth and the Market for Ideas

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An endogenous growth model is developed where each period firms invest in researching and developing new ideas. An idea increases a firm's productivity. By how much depends on how central the idea is to a firm's activity. Ideas can be bought and sold on a market for patents. A firm can sell an idea that is not relevant to its business or buy one if it fails to innovate. The developed model is matched up with stylized facts about the market for patents in the U.S. The analysis attempts to gauge how efficiency in the patent market affects growth

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Paper provided by Economie d'Avant Garde in its series Economie d'Avant Garde Research Reports with number 21.

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Date of creation: Jun 2013
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Handle: RePEc:eag:rereps:21

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Web page: http://www.jeremygreenwood.net/EAG.htm

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Keywords: Growth; Ideas; Innovation; Misallocation; Patents; Patent Agents; Research and Development; Search frictions;

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  1. Carlos J. Serrano, 2006. "The Dynamics of the Transfer and Renewal of Patents," Working Papers tecipa-227, University of Toronto, Department of Economics.
  2. Robert E. Lucas, Jr. & Benjamin Moll, 2011. "Knowledge Growth and the Allocation of Time," NBER Working Papers 17495, National Bureau of Economic Research, Inc.
  3. Jess Benhabib & Jesse Perla & Christopher Tonetti, 2012. "Catch-up and Fall-back through Innovation and Imitation," NBER Working Papers 18091, National Bureau of Economic Research, Inc.
  4. Oecd, 2013. "Nanotechnology for Green Innovation," OECD Science, Technology and Industry Policy Papers 5, OECD Publishing.
  5. Michael Koenig & Jan Lorenz & Fabrizio Zilibotti, 2012. "Innovation vs. Imitation and the Evolution of Productivity Distributions," Discussion Papers 11-008, Stanford Institute for Economic Policy Research.
  6. Daron Acemoglu & Ufuk Akcigit & Nicholas Bloom & William R. Kerr, 2013. "Innovation, Reallocation and Growth," PIER Working Paper Archive 13-018, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  7. Daron Acemoglu & Philippe Aghion & Fabrizio Zilibotti, 2006. "Distance to Frontier, Selection, and Economic Growth," Journal of the European Economic Association, MIT Press, vol. 4(1), pages 37-74, 03.
  8. Boyan Jovanovic & Glenn MacDonald, 1993. "The Life-Cycle of a Competitive Industry," NBER Working Papers 4441, National Bureau of Economic Research, Inc.
  9. Philippe Aghion & Ufuk Akcigit & Peter Howitt, 2013. "What Do We Learn From Schumpeterian Growth Theory?," NBER Working Papers 18824, National Bureau of Economic Research, Inc.
  10. Chang-Tai Hsieh & Peter J. Klenow, 2007. "Misallocation and Manufacturing TFP in China and India," NBER Working Papers 13290, National Bureau of Economic Research, Inc.
  11. Carlos J. Serrano, 2011. "Estimating the Gains from Trade in the Market for Innovation: Evidence from the Transfer of Patents," NBER Working Papers 17304, National Bureau of Economic Research, Inc.
  12. Jesse Perla & Christopher Tonetti, 2012. "Equilibrium Imitation and Growth," Working Papers 12-03, New York University, Leonard N. Stern School of Business, Department of Economics.
  13. Jonathan Chiu & Césaire Meh & Randall Wright, 2011. "Innovation and Growth with Financial, and Other, Frictions," Working Papers 11-25, Bank of Canada.
  14. Joshua S. Gans & Scott Stern, 2010. "Is there a market for ideas?," Industrial and Corporate Change, Oxford University Press, vol. 19(3), pages 805-837, June.
  15. Louis Kaplow, 2005. "The Value of a Statistical Life and the Coefficient of Relative Risk Aversion," Journal of Risk and Uncertainty, Springer, vol. 31(1), pages 23-34, July.
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