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The Dynamics of the Transfer and Renewal of Patents

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Author Info
Carlos J. Serrano

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Abstract

This paper explores a new dataset of transfers of patents recorded at the United States Patent and Trademark Office. The aim of the paper is twofold. First, a number of patterns are presented. For instance, the probability of a patent being traded monotonically decreases as a function of its age except at the renewal dates. Immediately after renewal, this probability discontinuously increases. Among patents of the same age, the probability of being traded and the probability of being renewed is increasing in the total number of citations received. Moreover, previously traded patents, and especially the recently traded, are more likely to be traded and less likely to be allowed to expire than patents not previously traded. Second, the paper extends Pakes and Schankerman\\\'s patent renewal framework in order to develop a model of the transfer and renewal of patents. Two new key features of the model are motivated by the patterns documented: gains from reallocating patents to more productive firms and costs of adopting technology.

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Paper provided by University of Toronto, Department of Economics in its series Working Papers with number tecipa-227.

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Length: 68 pages
Date of creation: 11 Mar 2006
Date of revision:
Handle: RePEc:tor:tecipa:tecipa-227

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Related research
Keywords: Markets for Technology; Patents; Transfer of Patents;

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Find related papers by JEL classification:
O3 - Economic Development, Technological Change, and Growth - - Technological Change
L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Boyan Jovanovic & Chung-Yi Tse, 2006. "Creative Destruction in Industries," NBER Working Papers 12520, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Boyan Jovanovic, 2007. "Investment Options and the Business Cycle," NBER Working Papers 13307, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Alberto Galasso & Mark Schankerman, 2008. "Patent Thickets and the Market for Innovation: Evidence from Settlement of Patent Disputes," CEP Discussion Papers dp0889, Centre for Economic Performance, LSE. [Downloadable!]
    Other versions:
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