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Patent Portfolio Management of Sequential Innovations

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  • Jinyoung Kim

    ()
    (Korea University)

Abstract

This paper develops a model for understanding a firm's decisions regarding the maintenance (renewal) and patenting of sequential innovations and studies how these decisions are affected by the model's parameters, including maintenance fees and filing fees. The model demonstrates that the two prices exert negative effects on renewal and patenting, respectively (i.e. adverse own price effects). The model also offers a discriminating testable hypothesis, predicted on the cross-price effects, to identify complementarity or substitutability across sequential innovations. Our regression results show that the probability of patent renewal and maintenance fees are correlated negatively and that the patent propensity and application fees are correlated negatively. We also demonstrate that higher application fees are associated with lower probability of patent renewal, which corroborates the case of complementarity in sequential innovations.

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Bibliographic Info

Paper provided by Institute of Economic Research, Korea University in its series Discussion Paper Series with number 1005.

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Date of creation: 2010
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Handle: RePEc:iek:wpaper:1005

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Keywords: Renewal; Patenting; Sequential innovations; Patent portfolio; Patent maintenance fees; Application filing fees;

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References

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  1. Wright, Brian Davern, 1983. "The Economics of Invention Incentives: Patents, Prizes, and Research Contracts," American Economic Review, American Economic Association, vol. 73(4), pages 691-707, September.
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  3. Deng, Yi, 2005. "A Dynamic Stochastic Analysis of International Patent Application and Renewal Processes," Departmental Working Papers 0515, Southern Methodist University, Department of Economics.
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  10. Ariel Pakes, 1986. "Patents as Options: Some Estimates of the Value of Holding European Patent Stocks," NBER Working Papers 1340, National Bureau of Economic Research, Inc.
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  12. Arora, Ashish & Gambardella, Alfonso, 1990. "Complementarity and External Linkages: The Strategies of the Large Firms in Biotechnology," Journal of Industrial Economics, Wiley Blackwell, vol. 38(4), pages 361-79, June.
  13. Suzanne Scotchmer, 1999. "On the Optimality of the Patent Renewal System," RAND Journal of Economics, The RAND Corporation, vol. 30(2), pages 181-196, Summer.
  14. Lanjouw, Jean O & Schankerman, Mark, 2004. "Protecting Intellectual Property Rights: Are Small Firms Handicapped?," Journal of Law and Economics, University of Chicago Press, vol. 47(1), pages 45-74, April.
  15. Liu, Kun & Arthurs, Jonathan & Cullen, John & Alexander, Roger, 2008. "Internal sequential innovations: How does interrelatedness affect patent renewal?," Research Policy, Elsevier, vol. 37(5), pages 946-953, June.
  16. Bronwyn H. Hall & Adam Jaffe & Manuel Trajtenberg, 2005. "Market Value and Patent Citations," RAND Journal of Economics, The RAND Corporation, vol. 36(1), pages 16-38, Spring.
  17. Manuel Trajtenberg, 1990. "A Penny for Your Quotes: Patent Citations and the Value of Innovations," RAND Journal of Economics, The RAND Corporation, vol. 21(1), pages 172-187, Spring.
  18. Eugenio J. Miravete & Jos� C. Pern�As, 2006. "INNOVATION COMPLEMENTARITY AND SCALE OF PRODUCTION -super-* ," Journal of Industrial Economics, Wiley Blackwell, vol. 54(1), pages 1-29, 03.
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