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A Dynamic Stochastic Analysis of International Patent Application and Renewal Processes

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  • Yi Deng

Abstract

This paper formulates a dynamic stochastic model to examine the joint patent application and renewal behaviors under an international patent-protection regime. The framework makes it possible to utilize both the cross-sectional (multi-country application) and the time-series (patent renewal) dimensions of available international patenting data to estimate the private value of patent protection, and allows us to distinguish more aspects of patent returns. The evolution dynamics of the value of European patents in pharmaceutical and electronics industries are examined. Estimation results indicate that pharmaceutical patents are endowed with higher initial returns, thus their owners tend to seek patent protection in more countries than electronics patent holders. However, pharmaceutical patents become obsolete at a much faster pace than electronics patents, and consequently they have lower renewal rates and shorter lives.
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Suggested Citation

  • Yi Deng, 2003. "A Dynamic Stochastic Analysis of International Patent Application and Renewal Processes," Computing in Economics and Finance 2003 189, Society for Computational Economics.
    • Handle: RePEc:sce:scecf3:189
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    JEL classification:

    • C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights

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