Selling ideas: the determinants of patent value in an auction environment |
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| Authors: | Katherine A Sneed Daniel K N Johnson |
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| Institution: | TAEUS International Corporation, Colorado Springs, CO 80919, USA.;
Department of Economics and Business, Colorado College, Colorado Springs, CO 80903, USA. |
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| Abstract: | Although previous empirical studies have found relationships between patent characteristics and value, none have determined how specific attributes relate to auction value or even the probability of a successful auction sale. Using a Heckman two-step model, we regress 13 independent variables against unique patent auction data, finding that publicly owned and frequently referenced patents are more valuable, and that other things being equal, there is an optimal time to offer a patent up for auction. |
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