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

  • Ufuk Akcigit

    ()

    (Department of Economics, University of Pennsylvania)

  • Murat Alp Celik

    ()

    (Department of Economics, University of Pennsylvania)

  • Jeremy Greenwood

    ()

    (Department of Economics, University of Pennsylvania)

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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Paper provided by Penn Institute for Economic Research, Department of Economics, University of Pennsylvania in its series PIER Working Paper Archive with number 13-069.

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Length: 50 pages
Date of creation: 12 Dec 2013
Date of revision:
Handle: RePEc:pen:papers:13-069
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