First-mover advantage and the private value of public science

Ashish Arora (), Sharon Belenzon and Bernardo Dionisi

Research Policy, 2023, vol. 52, issue 9

Abstract: Technical progress increasingly relies on the use of scientific knowledge. But if much of this knowledge is in the public domain, can it be a source of private value? We find that average private returns to using public science are small, especially in crowded technical fields. This is consistent with the view that the expected profit from an input that competitors can easily access is low. However, private value is higher when a firm is the first to use science, partly because it can secure broader patents relative to later users. Corporate participation in scientific research is a strong predictor of first use, consistent with the view that participation in science raises familiarity with relevant scientific advances.

Keywords: Firm behavior; Empirical analysis; First-mover advantage; Use of science in invention; Patent citations to science; Patent value (search for similar items in EconPapers)
JEL-codes: D22 D83 L25 O30 O31 O32 O33 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Working Paper: First-mover Advantage and the Private Value of Public Science (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:respol:v:52:y:2023:i:9:s0048733323001518

DOI: 10.1016/j.respol.2023.104867

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