Patents as options: path-dependency and patent value
研究了专利许可定价模型，将专利视为未来收入流的期权，发现考虑路径依赖能更准确估计专利价格，且路径依赖价格呈现高度非线性比较静态特征，对许可方和被许可方均有参考价值。
Despite the growing importance of licence revenue to cash-strapped universities and research institutions, there has been no formal attempt to develop pricing models for patent licences. We recognise that patents are options on the stream of future revenues, and apply option-valuation techniques to determine licence prices. We find that accounting for path-dependency in licence revenue streams generates prices that more nearly approximate observed patent prices. While non-path-dependent prices yield conventional sensitivities to volatility, mean-reversion and returns-growth, path-dependent prices show highly non-linear comparative statics. These results are important both for patent licensees and for licensors seeking to maximise licence revenue.