Patent Protection: Of What Value and for How Long?

Patent Protection: Of What Value and for How Long?

Lanjouw, Jean O., "Patent Protection: Of What Value and for How Long?" (September 1993). NBER Working Paper No. W4475.

Abstract:

Empirical estimates of the private value of patent protection are found for four technology area - computers, textiles, combustion engines, and pharmaceuticals - using new patent data for West Germany, 1953-1988. Patentees must pay to keep their patents in force. A dynamic stochastic discrete choice model of optimal renewal decisions is developed incorporating both learning about an innovation and the market as well as the possibility of infringements. The evolution of the distribution of returns over the life of a group of patents is calculated for each technology using a minimum distance simulation estimator. Results indicate that learning is completed within 6 years, that obsolescence is rapid, and that the distributions of patent value are very skewed. Research and development (R&D) expenditures are calculated and patent protection as an implicit subsidy to investment in Rdiscussed.

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Facts on MBA As the US MBA model emerged at the turn of the 20th century, Europeans developed centres of excellence in business, such as at the universities of London and Manchester. Elsewhere in Europe, companies started management programs, such as Cass Business School, London, IMD, Instituto de Empresa, INSEAD, Henley Management College and Ashridge to provide management training for promising employees. In 1968, the Asian Institute of Management was founded. In the United States, by one estimate, the average cost of earning an MBA via an accredited full-time program (excluding room and board) rose from $124,000 in 1993 to $162,000 in 2001 (see Davies and Cline, 2005). The bulk of the cost is in the form of foregone earnings ($109,000 in 1993 and $139,000 in 2001). Accounting for the decrease in expected unemployment as well as the increase in expected wages and expected wage growth, the financial benefits to holding an MBA degree are the equivalent of an 18% rate of return on the cost of the degree (see Davies and Cline, 2005).

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