Economics at your fingertips  

Early identification of emerging technologies: A machine learning approach using multiple patent indicators

Changyong Lee, Ohjin Kwon, Myeongjung Kim and Daeil Kwon

Technological Forecasting and Social Change, 2018, vol. 127, issue C, 291-303

Abstract: Patent citation analysis is considered a useful tool for identifying emerging technologies. However, the outcomes of previous methods are likely to reveal no more than current key technologies, since they can only be performed at later stages of technology development due to the time required for patents to be cited (or fail to be cited). This study proposes a machine learning approach to identifying emerging technologies at early stages using multiple patent indicators that can be defined immediately after the relevant patents are issued. For this, first, a total of 18 input and 3 output indicators are extracted from the United States Patent and Trademark Office database. Second, a feed-forward multilayer neural network is employed to capture the complex nonlinear relationships between input and output indicators in a time period of interest. Finally, two quantitative indicators are developed to identify trends of a technology's emergingness over time. Based on this, we also provide the practical guidelines for implementation of the proposed approach. The case of pharmaceutical technology shows that our approach can facilitate responsive technology forecasting and planning.

Keywords: Technology forecasting; Emerging technologies; Early identification; Machine learning models; Multiple patent indicators (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link)
Full text for ScienceDirect subscribers only

Related works:
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:

Access Statistics for this article

Technological Forecasting and Social Change is currently edited by Fred Phillips

More articles in Technological Forecasting and Social Change from Elsevier
Bibliographic data for series maintained by Dana Niculescu ().

Page updated 2019-04-27
Handle: RePEc:eee:tefoso:v:127:y:2018:i:c:p:291-303