We investigate how the patent policy affects economic growth and social welfare based on an endogenous growth model with R&D activities. We show that the patent length that maximizes the social welfare is finite. Moreover, by introducing compulsory licensing, we also show that the patent length that maximizes the social welfare is not infinite even if the royalty rate can be controlled.
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Similar content being viewed by others Explore related subjectsDiscover the latest articles and news from researchers in related subjects, suggested using machine learning. Author information Authors and AffiliationsFaculty of Economics, Ritsumeican University, 1-1-1 Noji-Higashi, Kusatsu, Shiga 525-8577, Japan (e-mail: tiwai@ec.ritsumei.ac.jp), , , , , , JP
Tatsuro Iwaisako
Faculty of Economics, Osaka University, 1-7 Machikaneyama, Toyonaka, Osaka 560-0043, Japan (e-mail: futagami@econ.osaka-u.ac.jp), , , , , , JP
Koichi Futagami
Received June 29, 2001; revised version received February 5, 2002 Published online: February 17, 2003
We wish to thank two anonymous referees for their constructive comments. We also thank Akira Yakita for his helpful comments.
About this article Cite this articleIwaisako, T., Futagami, K. Patent Policy in an Endogenous Growth Model. JEcon 78, 239–258 (2003). https://doi.org/10.1007/s00712-002-0541-1
Issue Date: March 2003
DOI: https://doi.org/10.1007/s00712-002-0541-1
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