Arora, Ashish; Belenzon, Sharon; Suh, Jungkyu - National Bureau of Economic Research - 2021
value from them. We argue that the growing reliance on science in inventions enhances MFT. In addition to higher quality … inventions, reliance on science may enhance gains from trade and reduce the transfer cost of knowledge and other transaction … costs. Using large scale data, we show that patents citing science are more likely to be traded, especially for novel …