Patents, Spillovers, and Competition in Biotechnology
| dc.creator | Austin, David H. | |
| dc.date | 2017-04-01T20:21:29Z | |
| dc.date.accessioned | 2026-07-09T02:59:52Z | |
| dc.description | I perform an event study on 600+ patents awarded primarily to 20 leading biotechnology firms and find significant changes in market values at the time of the awards. Adjusting for partial anticipation of events, I estimate that core technology patents in highly contested research areas are expected to generate between $13 and $21 million of economic value. They also generate spillover benefits for the patentee's rivals-presumably including knowledge transfers-valued at $3 to $6 million per firm. Awardees may appropriate only half of private benefits, although I observe negative spillovers for some high-profile awards. Most patents have no significant market impact. | |
| dc.identifier | doi:10.22004/ag.econ.10808 | |
| dc.identifier | https://ageconsearch.umn.edu/record/10808/files/dp000053.pdf | |
| dc.identifier | http://ageconsearch.umn.edu/record/10808 | |
| dc.identifier.uri | http://hdl.handle.net/123456789/524480 | |
| dc.language | eng | |
| dc.publisher | ||
| dc.source | http://ageconsearch.umn.edu/record/10808 | |
| dc.title | Patents, Spillovers, and Competition in Biotechnology | |
| dc.type | Text |