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Patent policy, patent pools, and the accumulation of claims in sequential innovation

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  • Gaston Llanes

    () (Harvard Business School, Entrepreneurial Management Unit)

  • Stefano Trento

    () (Universitat Autonoma de Barcelona, Departament d'Economia i Historia Economica,)

Abstract

We present a dynamic model where the accumulation of patents generates an increasing number of claims on sequential innovation. We study the equilibrium innovation activity under three regimes: patents, no-patents and patent pools. Patent pools increase the probability of innovation with respect to patents, but we also find that: (1) their outcome can be replicated by a licensing scheme in which innovators sell complete patent rights, and (2) they are dynamically unstable. We find that none of the above regimes can reach the first or second best. Finally, we consider patents of finite duration and determine the optimal patent length.

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Bibliographic Info

Paper provided by Harvard Business School in its series Harvard Business School Working Papers with number 10-005.

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Length: 34 pages
Date of creation: Jul 2009
Date of revision:
Handle: RePEc:hbs:wpaper:10-005

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Related research

Keywords: Sequential Innovation; Patent Pools; Anticommons;

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Cited by:
  1. Michele Boldrin & David K Levine, 2012. "The Case Against Patents," Levine's Working Paper Archive 786969000000000465, David K. Levine.
  2. Michele Boldrin & David K. Levine, 2012. "The case against patents," Working Papers 2012-035, Federal Reserve Bank of St. Louis.

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