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Innovation, Fast Seconds, and Patent Policy

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  • George Norman
  • Lynn Pepall
  • Dan Richards

Abstract

We develop a model of innovation in which entrepreneurs develop a new (differentiated) product market that is subsequently exploited by a well-established firm that "stretches" its brand to enter a new market as "fast second". In this setting, there is a positive externality to the pioneering efforts of the intitial entrants that may well increase with the number of such entrants. We develop a model that exhibits this externality and use it to evaluate the design of patent policy--specifically patent breadth--with a view to encouraging the optimal amount of initial entry.

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File URL: http://ase.tufts.edu/econ/research/documents/2009/normanInnovation.pdf
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Bibliographic Info

Paper provided by Department of Economics, Tufts University in its series Discussion Papers Series, Department of Economics, Tufts University with number 0745.

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Date of creation: 2009
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Handle: RePEc:tuf:tuftec:0745

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Keywords: fast second; product differentiation; contestability;

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