Buy, Keep, or Sell: Economic Growth and the Market for Ideas
构建了一个内生增长模型，企业每期投资研发新创意，创意可提升生产率，且能在专利市场上买卖。模型拟合美国专利市场典型事实，分析专利市场效率如何影响经济增长。
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 the technological propinquity between an idea and the firm's line of business. 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 United States. The analysis gauges how efficiency in the patent market affects growth.