PATENTABILITY, R&D DIRECTION, AND CUMULATIVE INNOVATION

• 成果类型: Article
• 署名作者: Chen, Yongmin; Pan, Shiyuan; Zhang, Tianle
• 署名单位: University of Colorado System; University of Colorado Boulder; Zhejiang University; Lingnan University
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12326
• 发表日期: 2018
• 页码: 1969-1993
• 关键词: intellectual property-rights; market-structure; COMPETITION; portfolios; CHOICE; POLICY

摘要

We present a model where firms conduct R&D in both a safe and a risky direction. As patentability standards rise, an innovation in the risky direction is less likely to receive a patent, which decreases the static incentive for new entrants to conduct risky R&D but can increase their dynamic incentive. These, together with a strategic substitution and a market structure effect, result in an inverted-U shape in the risky direction but a U shape in the safe direction for the relationship between R&D intensity and patentability standards. R&D is biased toward (against) the risky direction under lower (higher) standards.