BUY, KEEP, OR SELL: ECONOMIC GROWTH AND THE MARKET FOR IDEAS

• 成果类型: Article
• 署名作者: Akcigit, Ufuk; Celik, Murat Alp; Greenwood, Jeremy
• 署名单位: University of Chicago; National Bureau of Economic Research; University of Toronto; University of Pennsylvania
• 刊物名称: ECONOMETRICA
• ISSN/ISSBN: 0012-9682
• DOI: 10.3982/ECTA12144
• 发表日期: 2016
• 页码: 943-984
• 关键词: life

摘要

An endogenous growth model is developed where each period firms invest in researching and developing new ideas. An idea increases a firm's productivity. By how much depends on the technological propinquity between an idea and the firm's line of business. Ideas can be bought and sold on a market for patents. A firm can sell an idea that is not relevant to its business or buy one if it fails to innovate. The developed model is matched up with stylized facts about the market for patents in the United States. The analysis gauges how efficiency in the patent market affects growth.