Patents and Research Investments: Assessing the Empirical Evidence
A well-developed theoretical literature--dating back at least to Nordhaus (1969)--has analyzed optimal patent policy design. We re-present the core trade-off of the Nordhaus model and highlight an empirical question which emerges from the Nordhaus framework as a key input into optimal patent policy...
| Main Authors: | , , |
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| Other Authors: | |
| Format: | Article |
| Language: | en_US |
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American Economic Association
2017
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| Online Access: | http://hdl.handle.net/1721.1/110214 https://orcid.org/0000-0001-8246-4877 https://orcid.org/0000-0003-4364-1505 |
| _version_ | 1811078299670020096 |
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| author | Budish, Eric Roin, Benjamin N. Williams, Heidi L |
| author2 | Massachusetts Institute of Technology. Department of Economics |
| author_facet | Massachusetts Institute of Technology. Department of Economics Budish, Eric Roin, Benjamin N. Williams, Heidi L |
| author_sort | Budish, Eric |
| collection | MIT |
| description | A well-developed theoretical literature--dating back at least to Nordhaus (1969)--has analyzed optimal patent policy design. We re-present the core trade-off of the Nordhaus model and highlight an empirical question which emerges from the Nordhaus framework as a key input into optimal patent policy design: namely, what is the elasticity of R&D investment with respect to the patent term? We then review the--surprisingly small--body of empirical evidence that has been developed on this question over the nearly half century since the publication of Nordhaus's book. |
| first_indexed | 2024-09-23T10:57:24Z |
| format | Article |
| id | mit-1721.1/110214 |
| institution | Massachusetts Institute of Technology |
| language | en_US |
| last_indexed | 2024-09-23T10:57:24Z |
| publishDate | 2017 |
| publisher | American Economic Association |
| record_format | dspace |
| spelling | mit-1721.1/1102142022-09-27T16:11:05Z Patents and Research Investments: Assessing the Empirical Evidence Budish, Eric Roin, Benjamin N. Williams, Heidi L Massachusetts Institute of Technology. Department of Economics Sloan School of Management Roin, Benjamin N. Williams, Heidi L A well-developed theoretical literature--dating back at least to Nordhaus (1969)--has analyzed optimal patent policy design. We re-present the core trade-off of the Nordhaus model and highlight an empirical question which emerges from the Nordhaus framework as a key input into optimal patent policy design: namely, what is the elasticity of R&D investment with respect to the patent term? We then review the--surprisingly small--body of empirical evidence that has been developed on this question over the nearly half century since the publication of Nordhaus's book. National Institute on Aging National Institutes of Health (U.S.) (Common Fund, Office of the NIH Director, through grant U01-AG046708) 2017-06-23T16:26:41Z 2017-06-23T16:26:41Z 2016-05 Article http://purl.org/eprint/type/JournalArticle 0002-8282 1944-7981 http://hdl.handle.net/1721.1/110214 Budish, Eric, Benjamin N. Roin, and Heidi Williams. “Patents and Research Investments: Assessing the Empirical Evidence†.” American Economic Review 106, no. 5 (May 2016): 183–187. 2017 © American Economic Association https://orcid.org/0000-0001-8246-4877 https://orcid.org/0000-0003-4364-1505 en_US http://dx.doi.org/10.1257/aer.p20161091 American Economic Review Article is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use. application/pdf American Economic Association American Economic Association |
| spellingShingle | Budish, Eric Roin, Benjamin N. Williams, Heidi L Patents and Research Investments: Assessing the Empirical Evidence |
| title | Patents and Research Investments: Assessing the Empirical Evidence |
| title_full | Patents and Research Investments: Assessing the Empirical Evidence |
| title_fullStr | Patents and Research Investments: Assessing the Empirical Evidence |
| title_full_unstemmed | Patents and Research Investments: Assessing the Empirical Evidence |
| title_short | Patents and Research Investments: Assessing the Empirical Evidence |
| title_sort | patents and research investments assessing the empirical evidence |
| url | http://hdl.handle.net/1721.1/110214 https://orcid.org/0000-0001-8246-4877 https://orcid.org/0000-0003-4364-1505 |
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