differentiation and component innovation. We show that, as the complexity of the product spaces increases, stronger patent regimes … yield lower rates of innovation, lower product quality and lower consumers' welfare. -- Patents ; appropriability of … innovation ; complex product industries ; industrial dynamics …

different configurations of the patent system upon innovation and competition. The model is able to replicate the main stylized … adverse effects in terms of innovation outcomes, as well as of market competition and consumer welfare. Such general …

an innovation rewarding institution. According to our analysis, pharma patents have constituted legal barriers to protect …