Experimentation, Patents, and Innovation
This paper studies a simple model of experimentation and innovation. Our analysis suggests that patents improve the allocation of resources by encouraging rapid experimentation and efficient ex post transfer of knowledge. Each firm receives a signal on the success probability of a project and decide...
| Main Authors: | , , |
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| Other Authors: | |
| Format: | Article |
| Language: | en_US |
| Published: |
American Economic Association
2011
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| Online Access: | http://hdl.handle.net/1721.1/61714 https://orcid.org/0000-0002-1827-1285 https://orcid.org/0000-0003-0908-7491 |