Buy, Keep or Sell: Economic Growth and the Market for Ideas

Ufuk Akcigit, Murat Celik and Jeremy Greenwood

No 19763, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: An endogenous growth model is developed where each period firms invest in researching and developing new ideas. An idea increases a firm's productivity. By how much depends on how central the idea is to a firm's activity. Ideas can be bought and sold on a market for patents. A firm can sell an idea that is not relevant to its business or buy one if it fails to innovate. The developed model is matched up with stylized facts about the market for patents in the U.S. The analysis attempts to gauge how efficiency in the patent market affects growth.

JEL-codes: O31 O41 (search for similar items in EconPapers)
Date: 2013-12
Note: EFG IO PR
References: Add references at CitEc
Citations: View citations in EconPapers (8)

Published as Ufuk Akcigit & Murat Alp Celik & Jeremy Greenwood, 2016. "Buy, Keep, or Sell: Economic Growth and the Market for Ideas," Econometrica, Econometric Society, vol. 84, pages 943-984, 05.

Downloads: (external link)
http://www.nber.org/papers/w19763.pdf (application/pdf)

Related works:
Journal Article: Buy, Keep, or Sell: Economic Growth and the Market for Ideas (2016)
Working Paper: Buy, Keep or Sell: Economic Growth and the Market for Ideas (2015)
Working Paper: Buy, Keep or Sell: Economic Growth and the Market for Ideas (2013)
Working Paper: Buy, Keep or Sell: Economic Growth and the Market for Ideas (2013)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:19763

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w19763

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by (wpc@nber.org).