Patent Publication and the Market for Ideas
研究了1999年美国发明人保护法案要求专利申请在提交后18个月公开对生物医药行业许可交易时机的影响，发现公开后许可延迟平均减少约10个月，表明专利公开降低了信息成本，促进了创意市场交易。
In this paper, we study the effect of invention disclosure through patent publication on the market for ideas. We do so by analyzing the effects of the American Inventor’s Protection Act of 1999 (AIPA)—which required U.S. patent applications to be published 18 months after their filing date rather than at patent grant—on the timing of licensing deals in the biomedical industry. We find that post-AIPA U.S. patent applications are significantly more likely to be licensed before patent grant and shortly after 18-month publication. Licensing delays are reduced by about 10 months, on average, after AIPA’s enactment. These findings suggest a hitherto unexplored benefit of the patent system: by requiring inventions to be published through a credible, standardized, and centralized repository, it mitigates information costs for buyers and sellers, and thus facilitates transactions in the market for ideas. The online appendix is available at https://doi.org/10.1287/mnsc.2016.2622 . This paper was accepted by Bruno Cassiman, business strategy.