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Buy, Keep or Sell: Economic Growth and the Market for Ideas

Listed author(s):
  • Ufuk Akcigit
  • Murat Alp Celik
  • Jeremy Greenwood

An endogenous growth model is developed where each period firms invest in researching and developing new ideas. An idea increases a firm's productivity. By how much depends on how central the idea is to a firm's activity. Ideas can be bought and sold on a market for patents. A firm can sell an idea that is not relevant to its business or buy one if it fails to innovate. The developed model is matched up with stylized facts about the market for patents in the U.S. The analysis attempts to gauge how efficiency in the patent market affects growth.

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File URL: http://www.nber.org/papers/w19763.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 19763.

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Date of creation: Dec 2013
Publication status: published as Ufuk Akcigit & Murat Alp Celik & Jeremy Greenwood, 2016. "Buy, Keep, or Sell: Economic Growth and the Market for Ideas," Econometrica, Econometric Society, vol. 84, pages 943-984, 05.
Handle: RePEc:nbr:nberwo:19763
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