Dynamic analysis of patent policy in an endogenous growth model

• 成果类型: Article
• 署名作者: Futagami, Koichi; Iwaisako, Tatsuro
• 署名单位: University of Osaka; Ritsumeikan University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2005.07.009
• 发表日期: 2007
• 页码: 306-334
• 关键词: patent policy; endogenous growth; INNOVATION; higher-order difference equations

摘要

In this paper, we explore the dynamic properties of an endogenous growth model with finite patent length. We show that there exists a unique equilibrium growth path and that this path exhibits damped oscillations in contrast to the equilibrium path of an endogenous growth model with infinite patent length. We also examine the effects of patent policy on social welfare and show that infinite patent length does not maximize social welfare. Furthermore, we show that, in a growth model that does not exhibit scale effects, a finite patent length maximizes social welfare on the balanced growth path. (c) 2005 Elsevier Inc. All rights reserved.