Markets for knowledge are increasingly important to innovation, competitive advantage, and economic growth. This paper examines five distinct markets through which knowledge can be exchanged: the market for codified knowledge (licensing), the market for tacit knowledge (alliances), the market...

Tax policies are a wide array of tools, commonly used by governments to influence the economy. In this paper, we review the many margins through which tax policies can affect innovation, the main driver of economic growth in the long-run. These margins include the impact of tax policy on i) the...

Novelty is a basic requirement of patent law. An inventor cannot obtain a patent if the invention exists in the “prior art,” a term that generally refers to knowledge and technology already in the public domain. Interestingly, an earlier-filed patent document qualifies as prior art as of its...

The challenge of achieving socially optimal incentives for innovation in public goods faces twin market failures: a market failure to adequately promote public goods invention and a market failure to implement innovative public goods once developed. Though innovation in private goods sometimes...

When commentators discuss innovation’s externalities, they often classify them into one of two categories. On the positive externalities, or “spillovers” side, legal and economics scholars often speak of the benefits innovation confers on other innovators. Future innovators profit from...

Exporting values into society through technologyChina’s relentless advance in Artificial Intelligence (AI) and quantum computing has engendered a significant amount of anxiety about the future of America’s technological supremacy. The resulting debate centres around the impact of China’s...

Developing countries frequently offer tax incentives and even subsidize the entry and operation of foreign firms. I examine the optimality of such policies in an economy where growth is driven by entrepreneurial know-how, a skill that is continuously updated on the basis of the productive ideas...

The patent system gives the courts discretion to tailor patentability standards flexibly across technologies to provide optimal incentives for innovation. For chemical inventions, the courts deem them unpatentable if the chemical lacks a practical, non-research-based use at the time patent...

[This version of the “version group” adds new content (including additional respondents, more descriptive information from and about the respondents, and more discussion of the method) to the earlier SSRN version at 'http://ssrn.com/abstract=2240940' http://ssrn.com/abstract=2240940.] We...

From a firm’s perspective two competing forces are driving the decision to invest in innovation. On the one hand, innovative performance is an important driver of profitability and growth. On the other hand, investments in innovation suffer from negative externalities, i.e. spillovers to other...