Experimentation, Patents, and Innovation

Experimentation, Patents, and Innovation

This paper studies a simple model of experimentation and innovation. Our analysis suggests that patents improve the allocation of resources by encouraging rapid experimentation and efficient ex post transfer of knowledge. Each firm receives a signal on the success probability of a project and decide...

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Bibliographic Details
Main Authors: Acemoglu, Daron (Contributor), Bimpikis, Konstantinos (Contributor), Ozdaglar, Asuman E. (Contributor)
Other Authors: Massachusetts Institute of Technology. Department of Economics (Contributor), Massachusetts Institute of Technology. Department of Electrical Engineering and Computer Science (Contributor)
Format: Article
Language:English
Published: American Economic Association, 2011-03-17T19:36:22Z.
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