Working Paper: NBER ID: w19763
Authors: Ufuk Akcigit; Murat Alp Celik; Jeremy Greenwood
Abstract: An endogenous growth model is developed where each period firms invest in researching and developing new ideas. An idea increases a firm's productivity. By how much depends on how central the idea is to a firm's activity. Ideas can be bought and sold on a market for patents. A firm can sell an idea that is not relevant to its business or buy one if it fails to innovate. The developed model is matched up with stylized facts about the market for patents in the U.S. The analysis attempts to gauge how efficiency in the patent market affects growth.
Keywords: Economic Growth; Patent Market; Innovation
JEL Codes: O31; O41
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| Efficiency in the patent market (D61) | Economic growth (O49) |
| Non-existence of secondary market (G19) | Economic growth (O00) |
| Improving efficiency of patent market (D47) | Economic growth (O00) |
| Technological distance of patents (O38) | Firm productivity (D21) |