What factors affect the diffusion of new economic institutions? This paper examines this question by exploiting the introduction of the first regularized patent system, which appeared in the Venetian Republic in 1474. We begin by developing a model that links patenting activity of craft guilds...

This chapter describes empirical findings from studies that examine the relationship between patent rights and innovative activity in the U.S. semiconductor industry. How important are patent rights as a stimulus to innovation investment in this sector? What strategies do firms adopt to navigate...

The past decade has witnessed a resurgence in innovation awards, in particular of Grand Innovation Prizes (GIPs) which are rewards to innovators developing technologies reaching performance goals and requiring breakthrough solutions. GIPs typically do not preclude the winner also obtaining...