Galasso, Alberto; Mitchell, Matthew; Virag, Gabor - C.E.P.R. Discussion Papers - 2014
lower prices. Innovation prizes and other non-patent rewards are becoming more prevalent in government's innovation policy …Patents are a useful but imperfect reward for innovation. In sectors like pharmaceuticals, where monopoly distortions …, and are also widely implemented by private philanthropists. In this paper we describe situations in which a patent buyout …