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Patents as Options: Some Estimates of the Value of Holding European Patent Stocks
Open accessAbstract
In many countries holders of patents must pay an annual renewal fee in order to keep their patents in force.This paper uses data on the proportion of patents renewed, and the renewal fees faced by, post World War II cohorts of patents in France, the United Kingdom, and Germany, in conjunction with a model of patent holders' renewal decisions, to estimate the returns earned from holding patents in these countries.Since patents are often applied for at an early stage in the innovation process, the model allows agents to be uncertain about the sequence of returns that will be earned if the patent is kept in force.Formally, then, the paper presents and solves a discrete choice optimal stochastic control model, derives the implications of the model on aggregate behaviour, and then estimates the parameters of the model from aggregate data.The estimates enable a detailed description of the evolution of the distribution of returns earned from holding patents over their lifespans, and calculations of both; the annual returns earned from holding the patents still in force (or the patent stocks) in the alternative countries, and the distribution of the discounted value of returns earned from holding the patents in a cohort.
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Cited by
Rosenzweig, M. R., & Wolpin, K. I. (1993) · Journal of Political Economy · doi:10.1086/261874 · Cited by 1,179
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Ackerberg, D. A. (2003) · International Economic Review · doi:10.1111/1468-2354.t01-2-00098 · Cited by 476
Brand and Quantity Choice Dynamics Under Price Uncertainty
Erdem, T., Imai, S., & Keane, M. P. (2003) · Quantitative Marketing and Economics · doi:10.1023/a:1023536326497 · Cited by 331
Abbring, J. H., & Heckman, J. J. (2007) · Handbook of Econometrics · doi:10.1016/s1573-4412(07)06072-2 · Cited by 122
Metadata
- Authors
- Pakes, A.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 1984-04
- OpenAlex
- W2890278638
- Cited by
- 722
- References
- 0
- Type
- report
- Language
- en
- Open access
- green
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