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pounds

pounds. Cost. To. Time. pounds. Bm. Cost. Bc. Bol. To. Tm. Time. pounds. Bm. Cost. Bc. Bol. Tm. Time. pounds. Bm. Bc. Bol. Cost. Tm. Time. Tc. Tol. pounds. Bd. Bs. Bd’. Cost. Td. Time. Ts. Td’l. Patent races. Patent races. Time of Innovation T(X). T(X).

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pounds

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  1. pounds Cost To Time

  2. pounds Bm Cost Bc Bol To Tm Time

  3. pounds Bm Cost Bc Bol Tm Time

  4. pounds Bm Bc Bol Cost Tm Time Tc Tol

  5. pounds Bd Bs Bd’ Cost Td Time Ts Td’l

  6. Patent races

  7. Patent races

  8. Time of Innovation T(X) T(X) Expenditures X

  9. Present value of Benefits Bpv Bpv(X)=X Bpv(X) X* Xe

  10. Duration of patents pounds B20 Cost B0 B7 T7 T20 Time

  11. I 1. No one innovates 2. one innovates (no market failure) 3. both innovate (market failure) 4. both innovate 1 alpha

  12. Patent length p CSo c M DL c-x a a-c a-(c-x) Q

  13. p 1/4 Po xH xL 1 x

  14. profits 4/27 x 2/3

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