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Patent Races Optimal with Respect to Entry

Author

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  • John M. Hartwick

Abstract

We introduce a patent (prize) which induces entry at a level which satisfies the basic condition of optimality with respect to the "size" of the race (a second best patent). We observe in an example that the resulting equilibrium is very close to the first best optimal. The approach of the second best patent explains why discoverers should only receive a fraction of the social value of their discovery.

Suggested Citation

  • John M. Hartwick, 1988. "Patent Races Optimal with Respect to Entry," Working Paper 711, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:711
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    Cited by:

    1. Alice Guerra & Barbara Luppi & Francesco Parisi, 2019. "Productive and unproductive competition: a unified framework," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 36(3), pages 785-804, October.
    2. John Hartwick, 2004. "Binomial R&d Races And Growth," Working Paper 1022, Economics Department, Queen's University.
    3. Rajeev Goel, 2000. "Price-cap regulation and uncertain technical change," Applied Economics Letters, Taylor & Francis Journals, vol. 7(11), pages 739-742.

    More about this item

    JEL classification:

    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • L68 - Industrial Organization - - Industry Studies: Manufacturing - - - Appliances; Furniture; Other Consumer Durables

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