While patent systems have been widely used both historically and internationally, there is nonetheless a tremendous … amount of controversy over whether patent systems – in practice – improve the alignment between private returns and social … contributions. In this paper, I describe three parameters – how the disclosure function affects research investments, how patent …

presents estimates of the effect of patent protection on the depreciation rate. Results suggest that the yearly depreciation … averaging 8–9 per cent. Patent protection slows down the erosion of profits by about 1–2 percentage points …

liquidity premia because IOR reduces the opportunity cost of at least one type of money (reserves). In the UK and Canada …