Patent claims and economic growth |
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Affiliation: | 1. Sauder School of Business, University of British Columbia, Vancouver, BC, V6T 1Z2, Canada;2. Sauder School of Business, University of British Columbia, Vancouver, BC, V6T 1Z2, Canada and NBER |
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Abstract: | This study introduces a blocking patent on horizontal R&D into the endogenous growth model of Chu et al. (2012), which features a blocking patent on vertical R&D. Results show that strengthening patent protection on horizontal R&D promotes vertical innovation (quality improvement) but hinders horizontal innovation (variety expansion). This effect of a horizontal blocking patent on directionality of innovation is opposite to that of the vertical blocking patent analyzed by Chu et al. (2012). Results also show that under mild conditions, strengthening a blocking patent on horizontal innovation as well as on vertical innovation can increase economic growth and social welfare. |
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