Cornelli, Francesca; Schankerman, Mark - London School of Economics (LSE) - 1996
inventions. The reason is that any uniform patent life provides excessive incentives to do R&D to the low productivity firms and … insufficient incentives to the high productivity firms. Such a differentiated scheme is implementable through renewal fees, which … depends on key features of the economic environment, such as the degree of heterogeneity in R&D productivity across firms, the …