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A Dynamic Stochastic Analysis of International Patent Application and Renewal Processes

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  • Yi Deng
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Abstract

This paper develops a dynamic stochastic model to examine the joint patent application and renewal behavior under an international patent protection regime. This framework makes it possible to utilize both the cross-sectional (multi-country filing) and the time-series (patent renewal) dimensions of available international patent data to evaluate the private value of patent protection, and allows one to distinguish more aspects of patent value. The private value of European patents in the pharmaceutical and the electronics industries in the 1980's are examined, and the estimation results indicate substantial differences in the patent application and renewal patterns in these two industries. Pharmaceutical patents on average are endowed with higher initial values, and the patent holders seek for protection in more countries than the electronic patent holders. However, pharmaceutical patents depreciate faster than electronics patents, and consequently have lower renewal rates and shorter patent lives.

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Bibliographic Info

Paper provided by Society for Computational Economics in its series Computing in Economics and Finance 2003 with number 189.

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Date of creation: 01 Aug 2003
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Handle: RePEc:sce:scecf3:189

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Keywords: patent evaluation; patent application; patent renewal;

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References

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  1. Jean O. Lanjouw & Mark Schankerman, 2004. "Patent Quality and Research Productivity: Measuring Innovation with Multiple Indicators," Economic Journal, Royal Economic Society, vol. 114(495), pages 441-465, 04.
  2. Deng, Yi, 2005. "Renewal Study of European Patents: A Three-country Comparison," Departmental Working Papers 0514, Southern Methodist University, Department of Economics.
  3. Samuel Kortum, 1995. "Research and productivity growth: theory and evidence from patent data," Finance and Economics Discussion Series 95-2, Board of Governors of the Federal Reserve System (U.S.).
  4. Jean O. Lanjouw & Mark Schankerman, 1997. "Stylized Facts of Patent Litigation: Value, Scope and Ownership," NBER Working Papers 6297, National Bureau of Economic Research, Inc.
  5. Jean O. Lanjouw & Josh Lerner, 1997. "The Enforcement of Intellectual Property Rights: A Survey of the Empirical Literature," NBER Working Papers 6296, National Bureau of Economic Research, Inc.
  6. Jean LANJOUW & Josh LERNER, 1998. "The Enforcement of Intellectual Property Rights: A Survey of the Empirical Literature," Annales d'Economie et de Statistique, ENSAE, issue 49-50, pages 223-246.
  7. Daniel McFadden, 1987. "A Method of Simulated Moments for Estimation of Discrete Response Models Without Numerical Integration," Working papers 464, Massachusetts Institute of Technology (MIT), Department of Economics.
  8. Bronwyn H. Hall & Adam Jaffe & Manuel Trajtenberg, 2005. "Market Value and Patent Citations," RAND Journal of Economics, The RAND Corporation, vol. 36(1), pages 16-38, Spring.
  9. Jean O. Lanjouw & Ariel Pakes & Jonathan Putnam, 1996. "How to Count Patents and Value Intellectual Property: Uses of Patent Renewal and Application Data," NBER Working Papers 5741, National Bureau of Economic Research, Inc.
  10. Pakes, Ariel & Pollard, David, 1989. "Simulation and the Asymptotics of Optimization Estimators," Econometrica, Econometric Society, vol. 57(5), pages 1027-57, September.
  11. Lanjouw, Jean Olson, 1998. "Patent Protection in the Shadow of Infringement: Simulation Estimations of Patent Value," Review of Economic Studies, Wiley Blackwell, vol. 65(4), pages 671-710, October.
  12. Richard C. Levin & Alvin K. Klevorick & Richard R. Nelson & Sidney G. Winter, 1988. "Appropriating the Returns from Industrial R&D," Cowles Foundation Discussion Papers 862, Cowles Foundation for Research in Economics, Yale University.
  13. Manuel Trajtenberg, 1990. "A Penny for Your Quotes: Patent Citations and the Value of Innovations," RAND Journal of Economics, The RAND Corporation, vol. 21(1), pages 172-187, Spring.
  14. Mark Schankerman, 1998. "How Valuable is Patent Protection? Estimates by Technology Field," RAND Journal of Economics, The RAND Corporation, vol. 29(1), pages 77-107, Spring.
  15. Ariel Pakes, 1986. "Patents as Options: Some Estimates of the Value of Holding European Patent Stocks," NBER Working Papers 1340, National Bureau of Economic Research, Inc.
  16. Deng, Yi, 2005. "Private Value of European Patents," Departmental Working Papers 0513, Southern Methodist University, Department of Economics.
  17. repec:fth:harver:1473 is not listed on IDEAS
  18. Zvi Griliches, 1998. "Patent Statistics as Economic Indicators: A Survey," NBER Chapters, in: R&D and Productivity: The Econometric Evidence, pages 287-343 National Bureau of Economic Research, Inc.
  19. Hansen, Lars Peter, 1982. "Large Sample Properties of Generalized Method of Moments Estimators," Econometrica, Econometric Society, vol. 50(4), pages 1029-54, July.
  20. Lanjouw, Jean O & Pakes, Ariel & Putnam, Jonathan, 1998. "How to Count Patents and Value Intellectual Property: The Uses of Patent Renewal and Application Data," Journal of Industrial Economics, Wiley Blackwell, vol. 46(4), pages 405-32, December.
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Citations

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Cited by:
  1. Rudyk, Ilja, 2013. "Deferred Patent Examination," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 416, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  2. Jinyoung Kim, 2010. "Patent Portfolio Management of Sequential Innovations," Discussion Paper Series 1005, Institute of Economic Research, Korea University.
  3. Deng, Yi, 2005. "Private Value of European Patents," Departmental Working Papers 0513, Southern Methodist University, Department of Economics.
  4. Rudyk, Ilja, 2012. "The License of Right, Compulsory Licensing and the Value of Exclusivity," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 415, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  5. Harhoff, Dietmar & Hoisl, Karin & Reichl, Bettina & van Pottelsberghe de la Potterie, Bruno, 2007. "Patent Validation at the Country Level - The Role of Fees and Translation costs," Discussion Papers in Business Administration 2073, University of Munich, Munich School of Management.
  6. Bessen, James, 2008. "The value of U.S. patents by owner and patent characteristics," Research Policy, Elsevier, vol. 37(5), pages 932-945, June.
  7. Charlotta Grönqvist, 2009. "The private value of patents by patent characteristics: evidence from Finland," The Journal of Technology Transfer, Springer, vol. 34(2), pages 159-168, April.

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