This paper develops a microeconomic model of private R&D and studies the effects of intellectual property rights (IPR) on equilibrium R&D. IPR has two opposing effects: on the one hand it enables a firm to better appropriate the returns to R&D; on the other hand, it has the potential to impede the flow of R&D knowledge spillovers among firms. Spillovers may be impeded if it is necessary for users to practice R&D in order to benefit from R&D externalities.
JEL Classification: O31, O34, L16
Real Time Impact Factor:
Pending
Author Name: Walter G. Park
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Keywords: R&D, Intellectual Property Rights, Spillovers
ISSN: 2619-9580
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