Patent Publication and Innovation

• 成果类型: Article; Early Access
• 署名作者: Hegde, Deepak; Herkenhoff, Kyle; Zhu, Chenqi
• 署名单位: New York University; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; University of California System; University of California Irvine
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/723636
• 发表日期: 2023
• 关键词: research-and-development; intellectual property; knowledge spillovers; MARKET; allocation; disclosure; inventors; SECRETS

摘要

We measure how patent publication affects innovation by exploiting the American Inventor's Protection Act of 1999 (AIPA), which accelerated public disclosure of US patents by about 1.5 years. We obtain causal estimates by comparing US patents subject to AIPA with twin European patents that were not. Post-AIPA, US patents receive more and faster follow-on citations, indicating greater technology diffusion. Technological overlap increases between distant but related patents and decreases between highly similar patents, and patent applications are less likely to be abandoned, suggesting less duplicative R & D. Publicly listed firms exposed to 1 standard deviation longer patent grant delays increased R & D by 4% post-AIPA.