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- Title
Patents and Research Investments: Assessing the Empirical Evidence<sup>†</sup>.
- Authors
Budish, Eric; Roin, Benjamin N.; Williams, Heidi
- Abstract
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.
- Subjects
PATENTS; PATENT applications; RESEARCH &; economics; PATENT policy; RESEARCH &; development; PATENT licenses; PATENT law; PATENT expiration
- Publication
American Economic Review, 2016, Vol 106, Issue 5, p183
- ISSN
0002-8282
- Publication type
Article
- DOI
10.1257/aer.p20161091