Theory of Value

Eskil Ullberg
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Eskil Ullberg: College of Humanities and Social Sciences, George Mason University

Chapter Chapter 2 in Intellectual Property Statistics, 2023, pp 25-50 from Springer

Abstract: Abstract International trade in ideas (IP) is characterized by genuine uncertainty and high risk in the assets traded – patents and contracts on patents. A proposal for a theory of value under uncertainty is presented and discussed where the inventors’ strategies play the role of reducing the uncertainty to levels of risk that are economically acceptable. Institutional arrangements also affect the uncertainty and risk, by affecting the strategies firms chose, which in turn reduces the uncertainty. The strategies real firms use are discussed, as well as the implications for investment decisions, business models, and likelihood of cooperation through trade between inventor firms. Topics discussed also include outcome measures such as return on IP assets, terms of trade, and a level playing field.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:conchp:978-3-031-36386-3_2

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DOI: 10.1007/978-3-031-36386-3_2

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