Econometrica Vol. 53 No. 3 1985
On the Performance of Patents
Abstract
[A tractable dynamic general equilibrium model of continuous product innovation is developed. Patents, or any imitation lag, of infinite duration may achieve too much, too little, or the socially optimum level of innovation. Most surprising, finite-life patents may induce undamped oscillations in innovation.]
- DOI
- 10.2307/1911655
- Volume
- 53
- Issue
- 3
- Pages
- 567
- Sources
- bibtex:phds-export.bib crossref openalex