In many developing countries, clusters of small shops are the typical market-place. We investigate an economic model in which, between buyers and sellers in a marketplace, a circular causality including the search process produces agglomeration forces, given the initial location of the...

This paper studies how offering patents as collateral influences the decisions of Chinese lenders and determines features that make patents more acceptable as collateral. We develop a lending model incorporating a borrower’s likelihood of default, the value of patents offered as collateral,...

This paper studies how offering patents as collateral　influences the decisions of Chinese lenders and determines features that make patents more acceptable as collateral. We develop a lending model incorporating a borrower’s likelihood of default, the value of patents offered as collateral,...

Using survey data of licensing activities of Japanese firms, this paper studies the interaction between patenting and multiple contracting and their effects on license revenues for large and small licensors. We find that small firms are more likely to license their technologies to multiple...

Specialized markets are a unique product of China’s economic transition. They are marketplaces located in industrial clusters, specializing in the wholesale of local commodities and related goods. Ding Ke reveals that, despite their seemingly primitive form, specialized markets appeared in...