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The Impact of Uncertain Intellectual Property Rights on the Market for Ideas: Evidence from Patent Grant Delays

This paper considers the impact of the intellectual property (IP) system on the timing of cooperation/licensing by start-up technology entrepreneurs. If the market for technology licenses is efficient, the timing of licensing is independent of whether IP has already been granted. In contrast, the ne... Full description

Journal Title: Management Science 2008, Vol.54 (5), p.982-997
Main Author: Gans, Joshua S
Other Authors: Hsu, David H , Stern, Scott
Format: Electronic Article Electronic Article
Language: English
Subjects:
Quelle: Alma/SFX Local Collection
Publisher: Linthicum, MD: INFORMS
ID: ISSN: 0025-1909
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recordid: cdi_gale_businessinsightsgauss_A182605482
title: The Impact of Uncertain Intellectual Property Rights on the Market for Ideas: Evidence from Patent Grant Delays
format: Article
creator:
  • Gans, Joshua S
  • Hsu, David H
  • Stern, Scott
subjects:
  • Applied sciences
  • Business innovation
  • Business studies
  • Commercialization
  • Economics
  • entrepreneurship
  • Evaluation
  • Exact sciences and technology
  • Firm modelling
  • General aspects
  • Grants
  • Influence
  • Innovation
  • Intellectual property
  • Intellectual property law
  • Intellectual property rights
  • Interpretation and construction
  • Licences
  • Licensed products
  • Licenses
  • licensing
  • Management science
  • Methods
  • Operational research and scientific management
  • Operational research. Management science
  • Patent applications
  • Patent licenses
  • Patent licensing
  • Patents
  • Property rights
  • Regression analysis
  • Start up firms
  • Studies
  • Technological innovation
  • Technology transfer
  • U.S.A
  • Uncertainty
ispartof: Management Science, 2008, Vol.54 (5), p.982-997
description: This paper considers the impact of the intellectual property (IP) system on the timing of cooperation/licensing by start-up technology entrepreneurs. If the market for technology licenses is efficient, the timing of licensing is independent of whether IP has already been granted. In contrast, the need to disclose complementary (yet unprotected) knowledge, asymmetric information or search costs may retard efficient technology transfer. In these cases, reductions in uncertainty surrounding the scope and extent of IP rights may facilitate trade in the market for ideas. We employ a data set combining information about cooperative licensing and the timing of patent allowances (the administrative event when patent rights are clarified). Although preallowance licensing does occur, the hazard rate for achieving a cooperative licensing agreement significantly increases after patent allowance. Moreover, the impact of the patent system depends on the strategic and institutional environment in which firms operate. Patent allowance plays a particularly important role for technologies with longer technology life cycles or that lack alternative appropriation mechanisms such as copyright, reputation, or brokers. The findings suggest that imperfections in the market for ideas may be important, and that formal IP rights may facilitate gains from technological trade.
language: eng
source: Alma/SFX Local Collection
identifier: ISSN: 0025-1909
fulltext: fulltext
issn:
  • 0025-1909
  • 1526-5501
url: Link


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descriptionThis paper considers the impact of the intellectual property (IP) system on the timing of cooperation/licensing by start-up technology entrepreneurs. If the market for technology licenses is efficient, the timing of licensing is independent of whether IP has already been granted. In contrast, the need to disclose complementary (yet unprotected) knowledge, asymmetric information or search costs may retard efficient technology transfer. In these cases, reductions in uncertainty surrounding the scope and extent of IP rights may facilitate trade in the market for ideas. We employ a data set combining information about cooperative licensing and the timing of patent allowances (the administrative event when patent rights are clarified). Although preallowance licensing does occur, the hazard rate for achieving a cooperative licensing agreement significantly increases after patent allowance. Moreover, the impact of the patent system depends on the strategic and institutional environment in which firms operate. Patent allowance plays a particularly important role for technologies with longer technology life cycles or that lack alternative appropriation mechanisms such as copyright, reputation, or brokers. The findings suggest that imperfections in the market for ideas may be important, and that formal IP rights may facilitate gains from technological trade.
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subjectApplied sciences ; Business innovation ; Business studies ; Commercialization ; Economics ; entrepreneurship ; Evaluation ; Exact sciences and technology ; Firm modelling ; General aspects ; Grants ; Influence ; Innovation ; Intellectual property ; Intellectual property law ; Intellectual property rights ; Interpretation and construction ; Licences ; Licensed products ; Licenses ; licensing ; Management science ; Methods ; Operational research and scientific management ; Operational research. Management science ; Patent applications ; Patent licenses ; Patent licensing ; Patents ; Property rights ; Regression analysis ; Start up firms ; Studies ; Technological innovation ; Technology transfer ; U.S.A ; Uncertainty
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abstractThis paper considers the impact of the intellectual property (IP) system on the timing of cooperation/licensing by start-up technology entrepreneurs. If the market for technology licenses is efficient, the timing of licensing is independent of whether IP has already been granted. In contrast, the need to disclose complementary (yet unprotected) knowledge, asymmetric information or search costs may retard efficient technology transfer. In these cases, reductions in uncertainty surrounding the scope and extent of IP rights may facilitate trade in the market for ideas. We employ a data set combining information about cooperative licensing and the timing of patent allowances (the administrative event when patent rights are clarified). Although preallowance licensing does occur, the hazard rate for achieving a cooperative licensing agreement significantly increases after patent allowance. Moreover, the impact of the patent system depends on the strategic and institutional environment in which firms operate. Patent allowance plays a particularly important role for technologies with longer technology life cycles or that lack alternative appropriation mechanisms such as copyright, reputation, or brokers. The findings suggest that imperfections in the market for ideas may be important, and that formal IP rights may facilitate gains from technological trade.
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doi10.1287/mnsc.1070.0814
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