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Chasing Patents

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  • Flavio Menzies
  • Rohan Pitchford
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    Abstract

    We examine the problem faced by a company that wishes to purchase patents in the hands of two di¤erent patent owners. Complementarity of these patents in the production process of the company is a prime e¢ciency reason for them being owned (or licenced) by the company. We show that this very same complementarity can lead to patent owners behaving strategically in bargaining, and delaying their sale to the company. When the company is highly leveraged, such ine¢cient delay is limited. Comparative statics results are also obtained.

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    File URL: https://crawford.anu.edu.au/degrees/idec/working_papers/IDEC02-3.pdf
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    Bibliographic Info

    Paper provided by International and Development Economics in its series International and Development Economics Working Papers with number idec02-3.

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    Length: 18 pages
    Date of creation: 2002
    Date of revision:
    Handle: RePEc:idc:wpaper:idec02-3

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    1. Oliver Hart & John Moore, 1988. "Property Rights and the Nature of the Firm," Working papers 495, Massachusetts Institute of Technology (MIT), Department of Economics.
    2. Asami, Yasushi, 1985. "A game-theoretic approach to the division of profits from economic land development," Regional Science and Urban Economics, Elsevier, vol. 18(2), pages 233-246, May.
    3. Kenneth Arrow, 1962. "Economic Welfare and the Allocation of Resources for Invention," NBER Chapters, in: The Rate and Direction of Inventive Activity: Economic and Social Factors, pages 609-626 National Bureau of Economic Research, Inc.
    4. Kamien, Morton I., 1992. "Patent licensing," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 1, chapter 11, pages 331-354 Elsevier.
    5. O'Flaherty, Brendan, 1994. "Land assembly and urban renewal," Regional Science and Urban Economics, Elsevier, vol. 24(3), pages 287-300, June.
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