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

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  • Ufuk Akcigit

    ()
    (Department of Economics, University of Pennsylvania)

  • Murat Alp Celik

    ()
    (Department of Economics, University of Pennsylvania)

  • Jeremy Greenwood

    ()
    (Department of Economics, University of Pennsylvania)

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 Penn Institute for Economic Research, Department of Economics, University of Pennsylvania in its series PIER Working Paper Archive with number 13-069.

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Length: 50 pages
Date of creation: 12 Dec 2013
Date of revision:
Handle: RePEc:pen:papers:13-069

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Keywords: Growth; Ideas; Innovation; Misallocation; Patents; Patent Agents; Research and Development; Search frictions;

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  1. König, Michael & Lorenz, Jan & Zilibotti, Fabrizio, 2012. "Innovation vs imitation and the evolution of productivity distributions," CEPR Discussion Papers, C.E.P.R. Discussion Papers 8843, C.E.P.R. Discussion Papers.
  2. Jonathan Chiu & Cesaire Meh & Randall Wright, 2011. "Innovation and growth with financial, and other, frictions," Working Papers, Federal Reserve Bank of Minneapolis 688, Federal Reserve Bank of Minneapolis.
  3. Daron Acemoglu & Ufuk Akcigit & Nicholas Bloom & William R. Kerr, 2013. "Innovation, reallocation and growth," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library 51556, London School of Economics and Political Science, LSE Library.
  4. 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.
  5. 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.
  6. Robert E. Lucas, Jr. & Benjamin Moll, 2011. "Knowledge Growth and the Allocation of Time," NBER Working Papers 17495, National Bureau of Economic Research, Inc.
  7. 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.
  8. Jovanovic, Boyan & MacDonald, Glenn M, 1994. "The Life Cycle of a Competitive Industry," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 102(2), pages 322-47, April.
  9. Chang-Tai Hsieh & Peter J. Klenow, 2007. "Misallocation and Manufacturing TFP in China and India," Discussion Papers, Stanford Institute for Economic Policy Research 07-006, Stanford Institute for Economic Policy Research.
  10. Carlos J. Serrano, 2010. "The dynamics of the transfer and renewal of patents," RAND Journal of Economics, RAND Corporation, RAND Corporation, vol. 41(4), pages 686-708.
  11. Jesse Perla & Christopher Tonetti, 2012. "Equilibrium Imitation and Growth," Working Papers, New York University, Leonard N. Stern School of Business, Department of Economics 12-03, New York University, Leonard N. Stern School of Business, Department of Economics.
  12. Jess Benhabib & Jesse Perla & Christopher Tonetti, 2014. "Catch-up and fall-back through innovation and imitation," Journal of Economic Growth, Springer, Springer, vol. 19(1), pages 1-35, March.
  13. Daron Acemoglu & Philippe Aghion & Fabrizio Zilibotti, 2002. "Distance to Frontier, Selection, and Economic Growth," NBER Working Papers 9066, National Bureau of Economic Research, Inc.
  14. Oecd, 2013. "Nanotechnology for Green Innovation," OECD Science, Technology and Industry Policy Papers, OECD Publishing 5, OECD Publishing.
  15. 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.
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