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The transitional dynamics of patent reform

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  • Bonwoo Koo

Abstract

This study analyzes the dynamic effects of a patent reform in a model of cumulative innovation. It finds that the incentives at different stages of the innovation process are not uniform. The first innovator captures most of producers' surplus from a policy reform. The high incentive of the first innovator may dominate the potentially negative incentives of subsequent innovations. The optimal patent policy from a dynamic social welfare perspective can be quite different from that of steady-state social welfare. Concerns about the problems of patent thickets or anti-commons may not be too serious if dynamic social welfare is considered.

Suggested Citation

  • Bonwoo Koo, 2009. "The transitional dynamics of patent reform," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 12(4), pages 249-262.
  • Handle: RePEc:taf:jpolrf:v:12:y:2009:i:4:p:249-262
    DOI: 10.1080/17487870903326694
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