The Crowding-Out Effects of Long Duration of Patents
In this article we demonstrate how a long duration of patents affects investment in new product development. We construct an overlapping-generations model of saving, investment, and product innovation and show that a long duration of patents results in a high aggregate value of monopoly firms that compete for the younger generation's savings with investment in new product development. We analyze the crowding-out effects of long duration of patents and their implications for individual's welfare under different patent regimes.
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Volume (Year): 24 (1993)
Issue (Month): 2 (Summer)
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