Little Patents and Big Secrets: Managing Intellectual Property
研究创新者如何权衡披露知识（如申请专利）与保密，发现当产权保护弱时，小发明不被模仿，中等发明隐含许可，大发明主要靠保密。
Exploitation of an innovation commonly requires some disclosure of enabling knowledge (e.g., to obtain a patent or induce complementary investment). When property rights offer only limited protection, the value of the disclosure is offset by the increased threat of imitation. Our model incorporates three features critical to this setting: innovation creates asymmetric information, innovation often has only limited legal protection, and disclosure facilitates imitation. Imitation depends on inferences the imitator makes about the innovator’s advance. We find an equilibrium in which small inventions are not imitated, medium inventions involve a form of “implicit licensing,” and large inventions are protected primarily through secrecy when property rights are weak.