How Valuable is Patent Protection? Estimates By Technology Field Using Patent Renewal Data
This paper presents quantitative estimates of the private value of property rights conferred by patent protection for different technology fields and countries of ownership. The measures are derived from parametric estimation of a model of patent renewal, using a new data set on patent renewals in France during the period 1969-1987. The results show that patent protection is a significant, but not the major, source of private returns to inventive activity and that its importance varies sharply across technology fields. The paper quantifies the equivalent subsidy to R&D generated by the patent system, characterizes variations in the value of patent rights across technology fields, countries of ownership and time, and explores the determinants of those differences.
|Date of creation:||Jul 1991|
|Date of revision:|
|Publication status:||published as Rand Journal of Economics, Vol. 29, no. 1 (Spring 1998): 77-107.|
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- Ariel Pakes & Mark Schankerman, 1984. "The Rate of Obsolescence of Patents, Research Gestation Lags, and the Private Rate of Return to Research Resources," NBER Chapters, in: R&D, Patents, and Productivity, pages 73-88 National Bureau of Economic Research, Inc.
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NBER Working Papers
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- Richard C. Levin & Alvin K. Klevorick & Richard R. Nelson & Sidney G. Winter, 1988. "Appropriating the Returns from Industrial R&D," Cowles Foundation Discussion Papers 862, Cowles Foundation for Research in Economics, Yale University.
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