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The Value Of U.S. Patents By Owner And Patent Characteristics, James Bessen
The Value Of U.S. Patents By Owner And Patent Characteristics, James Bessen
Faculty Scholarship
This paper uses renewal data to estimate the value of U.S. patents, controlling for patent and owner characteristics. Estimates of U.S. patent value are substantially larger than estimates for European patents, however, the ratio of U.S. patent value to R&D for firms is only about 3%. Patents issued to small patentees are much less valuable than those issued to large corporations, perhaps reflecting imperfect markets for technology. Litigated patents are more valuable, as are highly cited patents. However, patent citations explain little variance in value, suggesting limits to their use as a measure of patent quality.
A Comment On 'Do Patents Facilitate Financing In The Software Industry?', James Bessen
A Comment On 'Do Patents Facilitate Financing In The Software Industry?', James Bessen
Faculty Scholarship
'Do Patents Facilitate Financing in the Software Industry?' by Ronald J. Mann contributes empirical evidence to our understanding of how software startups use patents. However, a close examination of the actual empirical findings in this paper points to rather different conclusions than those that Mann draws, namely: few software startups benefit from software patents and patents are not widely used by software firms to obtain venture financing. Indeed, among other things, the paper reports that 80% of venture-financed software startups had no acquired any patents within four years of receiving financing.
The Patent Cooperation Treaty: At The Center Of The International Patent System, Jay Erstling
The Patent Cooperation Treaty: At The Center Of The International Patent System, Jay Erstling
Faculty Scholarship
In view of the fact that the PCT is composed of almost 130 countries and that more than 100 national and regional patent offices, as well as WIPO itself, perform PCT functions, it is remarkable that the system operates so smoothly and continues to gain momentum. Perhaps the system’s greatest strength comes from the immense diversity of legal, linguistic, and national cultures that constitute the PCT. While the system has served to harmonize divergent practices, it has also been obliged to accommodate to the sometimes inflexible peculiarities of national law and procedure. The PCT’s ability to strike a balance between …
Commercializing Open Source Software: Do Property Rights Still Matter?, Ronald J. Mann
Commercializing Open Source Software: Do Property Rights Still Matter?, Ronald J. Mann
Faculty Scholarship
For several years now, open source software products have been gaining prominence and market share. Yet the products themselves are not as provocative as the way in which they are developed and distributed. Two related features of the open source model are distinctive: the use of collaborative development structures that extend beyond the boundaries of a single firm, and the lack of reliance on intellectual property ("IP") rights as a means of appropriating the value of the underlying technologies. Firm-level control of intellectual property is replaced by a complex set of relations, both informal and sometimes contractual, among strategic partners …
Estimates Of Patent Rents From Firm Market Value, James Bessen
Estimates Of Patent Rents From Firm Market Value, James Bessen
Faculty Scholarship
The value of patent rents is an important quantity for policy analysis. However, estimates in the literature based on patent renewals might be understated. Market value regressions could provide validation, but they have not had clear theoretical foundations for estimating patent rents. I develop a simple model to make upper bound estimates of patent rents using regressions on Tobin's Q. I test this on a sample of US firms and find it robust to a variety of considerations. My estimates correspond well with estimates based on patentee behavior outside the pharmaceutical industry, but renewal estimates might be understated for pharmaceuticals.