This paper develops a three-stage model of innovation, fixed-fee licensing and production to evaluate the welfare … effects of compulsory licensing, taking into account both static (information sharing) and dynamic (innovation incentive …

innovation and the patent system reveal a complex and varied landscape. Two robust conclusions are that too little is invested in … inventions. Depending on the precise question posed, theory predicts that monopoly can enhance or retard innovation, and data … industries, and patent protection generally has been found to have no effect on the pace of innovation …