Under the legal doctrine of first sale, or patent exhaustion, a patent holder's ability to license multiple parties … implications for how firms can license in vertically disaggregated industries. We explore this issue from an economic viewpoint and …

This paper investigates patent licensing in vertically disaggregated industries, where patent holders may license to … welfare will be greater if the patent holder's ability to license multiple parties along a production chain is restricted. We … holder's ability to license multiple parties along a production chain is restricted. How and when such restrictions should be …