Exploring the Patent Explosion1
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چکیده
This paper looks more closely at the sources of patent growth in the United States since 1984. It confirms that the increase is largely due to US patenters, with an earlier surge in Asia, and some increase in Europe. I find that growth has taken place in all technologies, but not in all industries, being concentrated in the electrical technology-based industries (electrical, electronics, computing, and scientific instruments). I then go on to look at the question of whether these patents are valued by the market. We know from survey evidence that patents in these industries are not considered important for appropriability, but are considered necessary to secure financing for entering the industry, so they may yet serve a useful purpose. I argue that one way to test whether patents are successful in lowering financing cost is to compare the market value of patents held by entrant firms in electrical technology-based industries to those held by incumbents (controlling for R&D). Using data on publicly traded firms 1980-1989, I find that the market value of entrants’ patents is indeed higher in the electrical and computing industries for entrants in the post-1984 period (after the patenting surge), but not before, when patents were relatively unimportant in these industries.
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تاریخ انتشار 2003