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

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  • Ufuk Akcigit
  • Murat Alp Celik
  • Jeremy Greenwood

Abstract

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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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 19763.

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Date of creation: Dec 2013
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Handle: RePEc:nbr:nberwo:19763

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  1. Daron Acemoglu & Ufuk Akcigit & Nicholas Bloom & William R. Kerr, 2013. "Innovation, Reallocation and Growth," NBER Working Papers 18993, National Bureau of Economic Research, Inc.
  2. 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.
  3. 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.
  4. Carlos J. Serrano, 2006. "The Dynamics of the Transfer and Renewal of Patents," Working Papers tecipa-227, University of Toronto, Department of Economics.
  5. Jonathan Chiu & Cesaire Meh & Randall Wright, 2013. "Innovation and growth with financial, and other, frictions," CQER Working Paper 2013-01, Federal Reserve Bank of Atlanta.
  6. 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.
  7. Chang-Tai Hsieh & Peter J. Klenow, 2007. "Misallocation and Manufacturing TFP in China and India," Discussion Papers 07-006, Stanford Institute for Economic Policy Research.
  8. 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.
  9. 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.
  10. Louis Kaplow, 2003. "The Value of a Statistical Life and the Coefficient of Relative Risk Aversion," NBER Working Papers 9852, National Bureau of Economic Research, Inc.
  11. 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.
  12. Jovanovic, Boyan & MacDonald, Glenn M, 1994. "The Life Cycle of a Competitive Industry," Journal of Political Economy, University of Chicago Press, vol. 102(2), pages 322-47, April.
  13. Benjamin Moll & Robert E. Lucas, 2011. "Knowledge Growth and the Allocation of Time," 2011 Meeting Papers 1030, Society for Economic Dynamics.
  14. Oecd, 2013. "Nanotechnology for Green Innovation," OECD Science, Technology and Industry Policy Papers 5, OECD Publishing.
  15. 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.
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