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The Value of Patents as Indicators of Inventive Activity

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Author Info
Zvi Griliches
Ariel Pakes
Bronwyn H. Hall

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Abstract

This paper summarizes a number of studies which use patent data to examine different aspects of technological change. It describes our firm level data set construction effort; reports on the relationship between RLD expenditures and the level of patenting; analyzes the relationship between patents, R&D, and tire stock market value of firms; reports on the estimation of the value of patent rights based on European patent renewal data; and describes the use of patent data to estimate the importance of R&D spillovers. It concludes that patent data represent a valuable resource for the analysis of technological change. They can be used to study longer-run interfirm differences in inventive activity and as a substitute for R&D data where they are not available in the desired detail. It is possible also to use a firm's distribution of patenting by field to infer its position in "technological space" and use it in turn to study how R&D spills over from one firm to another. Moreover, patent renewal data, which are also becoming available in the U.S., allow one to construct more relevant "quality weighted" inventive "output" measures .

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2083.

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Date of creation: Sep 1988
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Handle: RePEc:nbr:nberwo:2083

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Bronwyn H. Hall & Zvi Griliches & Jerry A. Hausman, 1986. "Patents and R&D: Is There A Lag?," NBER Working Papers 1454, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Jerry A. Hausman & Bronwyn H. Hall & Zvi Griliches, 1984. "Econometric Models for Count Data with an Application to the Patents-R&D Relationship," NBER Technical Working Papers 0017, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Pakes, Ariel & Griliches, Zvi, 1980. "Patents and R&D at the firm level: A first report," Economics Letters, Elsevier, vol. 5(4), pages 377-381. [Downloadable!] (restricted)
  4. Bronwyn H. Hall & Clint Cumminq & Elizabeth S. Laderman & Joy Mundy, 1988. "The R&D Master File Documentation," NBER Technical Working Papers 0072, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Pakes, Ariel, 1985. "On Patents, R&D, and the Stock Market Rate of Return," Journal of Political Economy, University of Chicago Press, vol. 93(2), pages 390-409, April. [Downloadable!] (restricted)
  6. John Bound & Clint Cummins & Zvi Griliches & Bronwyn H. Hall & Adam B. Jaffe, 1982. "Who Does R&D and Who Patents?," NBER Working Papers 0908, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    • John Bound & Clint Cummins & Zvi Griliches & Bronwyn H. Hall & Adam B. Jaffe, 1984. "Who Does R&D and Who Patents?," NBER Chapters, in: R & D, Patents, and Productivity, pages 21-54 National Bureau of Economic Research, Inc. [Downloadable!]
  7. Zvi Griliches & Jacques Mairesse, 1981. "Productivity and R and D at the Firm Level," NBER Working Papers 0826, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Bronwyn H. Hall, Adam Jaffe and Manuel Trajtenberg., 2000. "Market Value and Patent Citations: A First Look," Economics Working Papers E00-277, University of California at Berkeley. [Downloadable!]
    Other versions:
  2. Arthur Diamond, 2004. "Zvi Griliches's contributions to the economics of technology and growth," Economics of Innovation and New Technology, Taylor and Francis Journals, vol. 13(4), pages 365-397, June. [Downloadable!] (restricted)
  3. Alexandre Almeida & Aurora A.C. Teixeira, 2007. "Does Patenting negatively impact on R&D investment?An international panel data assessment," FEP Working Papers 255, Universidade do Porto, Faculdade de Economia do Porto. [Downloadable!]
  4. Alison Butler & Michael Dueker, 1994. "Product cycles, innovation and relative wages in European countries," Working Papers 1994-022, Federal Reserve Bank of St. Louis. [Downloadable!]
  5. Svensson, Roger, 2006. "Innovation Performance and Government Financing," Working Paper Series 664, Research Institute of Industrial Economics, revised 30 Sep 2006. [Downloadable!]
  6. Per Maurseth, 2005. "Lovely but dangerous: The impact of patent citations on patent renewal," Economics of Innovation and New Technology, Taylor and Francis Journals, vol. 14(5), pages 351-374, July. [Downloadable!] (restricted)
  7. repec:att:wimass:1920030 is not listed on IDEAS
  8. Acharya, Viral V & Subramanian, Krishnamurthy, 2007. "Bankruptcy Codes and Innovation," CEPR Discussion Papers 6307, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  9. Zaur Rzakhanov, 2004. "Innovation, product development and market value: evidence from the biotechnology industryinnovation in biotechnology industry," Economics of Innovation and New Technology, Taylor and Francis Journals, vol. 13(8), pages 747-760, December. [Downloadable!] (restricted)
  10. Braunerhjelm, Pontus & Svensson, Roger, 2007. "The inventor's role: was Schumpeter right?," Working Paper Series in Economics and Institutions of Innovation 78, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies. [Downloadable!]
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