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A new paper on the relationship between patents, R&D and innovation- Denicolò, Vincenzo, Do Patents Over-Compensate Innovators? Economic Policy, Vol. 22, No. 52, pp. 679-729, October 2007. Is the current level of patent protection too high or too low? To address this issue, this paper reformulates the theoretical analysis of the optimal level of patent protection to take into account the empirical findings of the innovation production function literature. This literature finds a strong relationship between R&D spending and inventions... The paper then assesses the current level of patent protection, exploiting estimates of the private and social returns to R&D taken from the empirical literature and other available sources. Although more research is needed for a more precise assessment, the evidence available suggests that patents do not over-compensate innovators. A notable detail is that the paper addresses two issues- the public and private value of patents.
posted by Noel Le @ 12:09 PM | Academia, Patents
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