The prize system for innovation has been criticized as impractical due to the lack of a workable formula or algorithm … can function to duplicate Pareto optimality. Under this system, any bountiable innovation is placed in the public domain …, and the prize of innovation is dynamically amortized in an infinitely time domain as periodic bounties paid to holders of …

The prize system for innovation has been criticized as impractical due to the lack of any workable formula or algorithm … can function to duplicate Pareto optimality. Under this system, any bountiable innovation is placed in the public domain …, and the prize of innovation is dynamically amortized in an infinite time domain as periodic bounties paid to holders of …

This paper presents more channels through which the optimal patent life is determined in a R&D-based endogenous growth … differentiation. As a result, a patent’s effective life is endogenized and less than its legal life. The model is calibrated to a … global economy with a set of baseline parameter values. Under the benchmark patent length of 20 years, the calibrated model …

The statutory patent length is 20 years in most countries. R&D-based endogenous growth models, however, often presume … an infinite patent length. In this paper, finite-length patents are embedded in a non-scale R&D-based growth model, but … any patent’s effective life may be terminated prematurely at any moment, subject to two idiosyncratic hazards of imitation …

We construct a model of dynamic endogenous product innovation and international trade, using it to calculate the … spur innovation of Northern goods and to make available greater resources for Northern production of current consumption …