Pricing the quality of an innovative idea

This paper aims to analyze whether the quality of an innovative idea can spur the patent's price. From an economic perspective, we address the question of how the quality of an innovative idea increases the patent's price. We examine the problem for the case of a single innovation rather than patent´s families. Therefore, we follow the assumption that innovative ideas have patents. Nevertheless, the analysis is divided into two stages; first we estimated the quality of the innovation by quantifying information of the patent documents from the patent portfolios of firms of the ICT sector over the period 1996 to 2015. By providing new empirical evidence, we showed that the patent´s quality can be estimate with multiple observed patents' characteristics which are significant related to the utility of the patent in the market and its impact on the follow-on innovation. The analyses also estimate the patent's price in the market for technologies based on the quality index. In the same way, we used information of the patent´s transaction in the ICT sector over the period of 2012- 2015 and review the main costs of the American, European and the international patent system. Our finale results indicate the possibility to reduce the asymmetric information of the quality in the patent´s transactions by using public information.