Patent Term, Innovation, and the Role of Technology Disclosure Externalities

• 成果类型: Article; Early Access
• 署名作者: Bertolotti, Fabio
• 署名单位: European Central Bank; Bank of Italy
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1093/restud/rdag005
• 发表日期: 2026
• 关键词: research-and-development; prospect-theory; spillovers; investments; geography

摘要

I examine the impact of patent term on R&D and innovation in the presence of policy anticipation, common in real-world settings. Using a difference-in-difference design, I exploit quasi-experimental variation in US patent term across technological fields due to the ratification of TRIPs agreements in 1995. Despite a general increase in average patent term, in most fields innovators faced a considerable probability of patent term reduction for future innovations. Three key findings emerge: (1) R&D and innovation accelerate more in fields with a higher probability of patent term reduction, i.e. a shorter average patent term extension, before implementation. (2) This heightened activity persists for at least 5 years postimplementation, driven by indirect effects where the news-related acceleration fosters further innovation through technological externalities linked to cumulative knowledge creation. (3) Conversely, the direct effect of a shorter extension in patent term would stimulate relatively less innovation, absent the indirect effects of anticipation.