Patent Protection and Strategic Delays in Technology Development: Implications for Economic Growth

Southern Economic Journal - Tập 78 Số 1 - Trang 211-232 - 2011
Maggie Xiaoyang Chen1, Murat Iyigun2
1Department of Economics/Elliott School of International Affairs, George Washington University, 2115 G Street, NW, Suite 367, Washington, DC 20052, USA
2Department of Economics, University of Colorado at Boulder, 256 UCB, Boulder, CO 80309, USA, and IZA

Tóm tắt

We present an endogenous growth model in which both the investment to develop a new technology—that upgrades the quality of machines—and entry of imitators are determined endogenously. According to the model, how soon the new‐technology machine is launched after the patent is granted is influenced by two factors: returns to scale in technology development and “strategic delays.” Strategic delays in technology development are most likely to occur when earlier dates of success enable imitators to enter an industry, that is, when imitation is swift and relatively cheap and/or patent protection is relatively lengthy. We then explore the link between the optimal patent length and economic growth and find that the equilibrium investment in technology development and thus the expected rate of technological progress exhibit an inverted U‐shape relationship with respect to the legal patent length.

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Thông tin xuất bản

Southern Economic Journal

Tập 78 Số 1

211-232

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