Economists often assume that a patent gives its owner a well-defined legal right to exclude others from practicing the invention described in the patent. In practice, however, the rights afforded to patent holders are highly uncertain. Under patent law, a patent is no guarantee of exclusion but...

Executive SummaryHow can we allow patent examiners to effectively distinguish between patentable and unpatentable inventions without slowing the process to a crawl or wasting a bunch of money? This essay reviews the recent literature and considers a number of proposals and their limitations. It...

In Silicon Valley, the most important thing to think about when starting a company is how you're going to end it. The venture capital funding model that dominates the tech industry is focused on the “exit strategy” — the ways funders and founders can cash out their investment. While in...

Policymakers on both ends of the political spectrum have been looking for ways to reduce prescription drug prices. Democrats have also been working on expanding healthcare coverage, including different versions of Medicare for All. All these proposals have been framed as issues of access and...

28 U.S.C. § 1400(b) provides that a defendant in a patent case may be sued where the defendant is incorporated or has a regular and established place of business and has infringed the patent. This Court made clear in Fourco Glass Co. v. Transmirra Prods. Corp., 353 U.S. 222, 223 (1957), that...

Antitrust law explicitly depends on market definition. Many issues in IP law also depend on market definition, though that definition is rarely explicit.Applying antitrust's traditional market definition to IP goods leads to some startling results. Despite the received wisdom that IP rights...