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Pricing Patents through Citations

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Author Info

  • Fernando Leiva B.

    ()
    (Economics University of Iowa)

Abstract

This paper provides formal treatment to the idea of patenting as a form of market stealing between R&D firms. It extends the creative destruction literature by allowing innovations to build off each other forming a network of ideas. Patent citations keep track of this network. The theory maps the distribution of productivities in the development of new ideas onto the distribution of patent values through patent citations. If productivities are drawn from a Pareto-Levy distribution then the distribution of patent values also falls within this class. The theory is then applied to data on US patent citations. Model-based valuations support the assumption of Pareto-distributed productivities. As an added feature, model-based valuations outperform citation counts (the traditional measure) as a proxy for patent values

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File URL: http://repec.org/sed2006/up.14223.1140054698.pdf
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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2006 Meeting Papers with number 834.

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Date of creation: 03 Dec 2006
Date of revision:
Handle: RePEc:red:sed006:834

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Postal: Society for Economic Dynamics Christian Zimmermann Economic Research Federal Reserve Bank of St. Louis PO Box 442 St. Louis MO 63166-0442 USA
Fax: 1-314-444-8731
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Web page: http://www.EconomicDynamics.org/society.htm
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Related research

Keywords: Patents; Innovation; R&D; Networks;

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References

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  1. Jean O. Lanjouw & Mark Schankerman, 1999. "The Quality of Ideas: Measuring Innovation with Multiple Indicators," NBER Working Papers 7345, National Bureau of Economic Research, Inc.
  2. Hugo Hopenhayn & Gerard Llobet & Matthew Mitchell, 2006. "Rewarding Sequential Innovators: Prizes, Patents, and Buyouts," Journal of Political Economy, University of Chicago Press, vol. 114(6), pages 1041-1068, December.
  3. Hugo A. Hopenhayn & Matthew F. Mitchell, 1999. "Innovation Fertility and Patent Design," NBER Working Papers 7070, National Bureau of Economic Research, Inc.
  4. Matthew O. Jackson & Brian W. Rogers, 2005. "Search in the Formation of Large Networks: How Random are Socially Generated Networks?," Game Theory and Information 0503005, EconWPA.
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Citations

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Cited by:
  1. Christian Ghiglino, 2005. "Balanced Growth with a Network of Ideas," Working Papers 546, Queen Mary, University of London, School of Economics and Finance.
  2. Carlos J. Serrano, 2006. "The Dynamics of the Transfer and Renewal of Patents," Working Papers tecipa-227, University of Toronto, Department of Economics.
  3. Nir Jaimovich & Sergio Rebelo, 2013. "Non-linear effects of taxation on growth," CQER Working Paper 2013-02, Federal Reserve Bank of Atlanta.

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