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The Value of Intellectual Property Rights to Firms

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  • Christine Greenhalgh

    ()
    (St. Peter’s College, Oxford University)

  • Mark Rogers

    ()
    (Harris Manchester College, Oxford University)

Abstract

Economists view intellectual property rights (IPRs) as policy tools for encouraging innovation, but they recognize that they can also inhibit competition. There are many types of IPRs and of institutions concerned with their administration. We begin by outlining how these complex and varied rights are supposed to work and how they interact with other characteristics of firms and markets. We then survey the available literature on patents, trade marks and copyright to assess the value of these IPRs to firms and the costs to firms of acquiring and defending their rights. The paper concludes with suggestions for topics requiring further research to better inform public policy in this field.

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Bibliographic Info

Paper provided by Stanford Institute for Economic Policy Research in its series Discussion Papers with number 06-036.

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Date of creation: Mar 2007
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Handle: RePEc:sip:dpaper:06-036

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Keywords: innovation; intellectual property; patents; trade marks; copyright.;

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References

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  1. Christine Greenhalgh & Mark Rogers, 2004. "The Value of Innovation: The Interaction of Competition, R&D and IP," Economics Series Working Papers 192, University of Oxford, Department of Economics.
  2. 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.
  3. Christine Greenhalgh & Mark Rogers, 2006. "Intellectual Property Activity by Service Sector and Manufacturing Firms in the UK, 1996-2000," Melbourne Institute Working Paper Series wp2006n03, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
  4. Christine Greenhalgh & Mark Rogers, 2007. "Trade Marks and Performance in UK Firms: Evidence of Schumpeterian Competition through Innovation," Economics Series Working Papers 300, University of Oxford, Department of Economics.
  5. Schankerman, Mark & Pakes, Ariel, 1986. "Estimates of the Value of Patent Rights in European Countries during the Post-1950 Period," Economic Journal, Royal Economic Society, vol. 96(384), pages 1052-76, December.
  6. Shavell, Steven & van Ypersele, Tanguy, 2001. "Rewards versus Intellectual Property Rights," Journal of Law and Economics, University of Chicago Press, vol. 44(2), pages 525-47, October.
  7. B. Zorina Khan, 2004. "Does Copyright Piracy Pay? The Effects of U.S. International Copyright Laws on the Market for Books, 1790-1920," NBER Working Papers 10271, National Bureau of Economic Research, Inc.
  8. Rachel Griffith & Stephen Redding & John Van Reenen, 2000. "Mapping the two faces of R&D: productivity growth in a panel of OECD industries," IFS Working Papers W00/02, Institute for Fiscal Studies.
  9. Gruber, Harald, 1992. "Persistence of Leadership in Product Innovation," Journal of Industrial Economics, Wiley Blackwell, vol. 40(4), pages 359-75, December.
  10. Michele Boldrin & David K Levine, 2002. "The Case Against Intellectual Property," Levine's Working Paper Archive 618897000000000003, David K. Levine.
  11. Christine Greenhalgh & Mark Longland, 2005. "Running to Stand Still? - The Value of R&D, Patents and Trade Marks in Innovating Manufacturing Firms," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 12(3), pages 307-328.
  12. Sidney Winter, 2006. "The Logic of Appropriability: From Schumpeter to Arrow to Teece," LEM Papers Series 2006/21, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  13. Dietmar Harhoff & Francis Narin & Frederic M. Scherer & Katrin Vopel, 1997. "Citation Frequency and the Value of Patented Innovation," CIG Working Papers FS IV 97-26, Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG).
  14. Mendonca, Sandro & Pereira, Tiago Santos & Godinho, Manuel Mira, 2004. "Trademarks as an indicator of innovation and industrial change," Research Policy, Elsevier, vol. 33(9), pages 1385-1404, November.
  15. Giovanni Dosi & Luigi Marengo & Corrado Pasquali, 2006. "How Much Should Society Fuel the Greed of Innovators? On the Relations between Appropriability, Opportunities and Rates of Innovation," LEM Papers Series 2006/17, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
  16. William E. Griffiths & Paul H. Jensen & Elizabeth Webster, 2005. "The Effects on Firm Profits of the Stock of Intellectual Property Rights," Melbourne Institute Working Paper Series wp2005n04, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
  17. Baker, Matthew J & Cunningham, Brendan M, 2006. "Court Decisions and Equity Markets: Estimating the Value of Copyright Protection," Journal of Law and Economics, University of Chicago Press, vol. 49(2), pages 567-96, October.
  18. McGahan, Anita M. & Silverman, Brian S., 2006. "Profiting from technological innovation by others: The effect of competitor patenting on firm value," Research Policy, Elsevier, vol. 35(8), pages 1222-1242, October.
  19. Teece, David J., 2006. "Reflections on "Profiting from Innovation"," Research Policy, Elsevier, vol. 35(8), pages 1131-1146, October.
  20. Christine Greenhalgh, 2005. "Why does market capitalism fail to deliver a sustainable environment and greater equality of incomes?," Cambridge Journal of Economics, Oxford University Press, vol. 29(6), pages 1091-1109, November.
  21. George Symeonidis, 1996. "Innovation, Firm Size and Market Structure: Schumpeterian Hypotheses and Some New Themes," OECD Economics Department Working Papers 161, OECD Publishing.
  22. Landes, William M & Posner, Richard A, 1987. "Trademark Law: An Economic Perspective," Journal of Law and Economics, University of Chicago Press, vol. 30(2), pages 265-309, October.
  23. Nicholas Bloom & John Van Reenen, 2002. "Patents, Real Options and Firm Performance," Economic Journal, Royal Economic Society, vol. 112(478), pages C97-C116, March.
  24. Christine Greenhalgh & Padraig Dixon, 2002. "The Economics of Intellectual Property: A Review to Identify Themes for Future Research," Economics Series Working Papers 135, University of Oxford, Department of Economics.
  25. Ivan Png & Qiu-hong Wang, 2007. "Copyright Duration and the Supply of Creative Work," Levine's Working Paper Archive 321307000000000478, David K. Levine.
  26. Ray Corrigan & Mark Rogers, 2005. "The Economics of Copyright," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 6(3), pages 153-174, July.
  27. Cockburn, Iain & Griliches, Zvi, 1988. "Industry Effects and Appropriability Measures in the Stock Market's Valuation of R&D and Patents," American Economic Review, American Economic Association, vol. 78(2), pages 419-23, May.
  28. Pisano, Gary, 2006. "Profiting from innovation and the intellectual property revolution," Research Policy, Elsevier, vol. 35(8), pages 1122-1130, October.
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Citations

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Cited by:
  1. repec:ebl:ecbull:v:15:y:2008:i:20:p:1-15 is not listed on IDEAS
  2. Nicolas van Zeebroeck & Bruno Van Pottelsberghe, 2008. "Filing strategies and patent value," Working Papers CEB 08-016.RS, ULB -- Universite Libre de Bruxelles.
  3. Nicolas van Zeebroeck, 2011. "The Puzzle of Patent Value Indicators," ULB Institutional Repository 2013/60729, ULB -- Universite Libre de Bruxelles.
  4. Pilar Beneito & María E. Rochina-Barrachina & Amparo Sanchis, 2012. "Patents, competition and firms’ innovation incentives," Working Papers 1211, Department of Applied Economics II, Universidad de Valencia.
  5. Nicolas van Zeebroeck, 2007. "Patents only live twice: a patent survival analysis in Europe," Working Papers CEB 07-028.RS, ULB -- Universite Libre de Bruxelles.

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