A Discrete Model for Patent Valuation

Roy Cerqueti and Marco Ventura

No 120, ISAE Working Papers from ISTAT - Italian National Institute of Statistics - (Rome, ITALY)

Abstract: This article evaluates patents in a stochastic discrete time framework following the real options approach. By modeling the dynamics of the underlying as a spatial point process both size and time of the jumps can be treated as random variables. The propagation of the jumps from the underlying security to the patent value is not restricted to be immediate, but can occur with a random delay and with varying intensity, depending on the time to maturity. These actual features lead to a more generalized formula for patent value, that in turn may give rise to a non trivial difference in patent value, not accounted for in the existing literature.

Keywords: patent value; spatial mixed Poisson process; real options. (search for similar items in EconPapers)
JEL-codes: C65 O34 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2009-12
New Economics Papers: this item is included in nep-ino, nep-ipr and nep-pr~
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