Is There a Market for Patents?

Mario Benassi () and Miryam Martin-Sanchez ()
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Mario Benassi: University of Milan
Miryam Martin-Sanchez: University of Milan

Chapter 3 in Patent Intermediaries, 2022, pp 51-76 from Springer

Abstract: Abstract This chapter aims to answer a straightforward question: is there a market for patents? To do so, the chapter introduces the concept of the market and explains its main features from a theoretical perspective. It then describes the way markets function in practice, the importance of their evolution, and their interaction with global trends. After establishing the foundations of a broad conception of the market, the discussion delves into the more specific case of the market for patents. It presents the reasons for and against viewing the market for patents as just like any other market, provides evidence for the existence of a market for patents, and ends by presenting the dichotomy of views of the benefits derived from participating in the market for patents. Reasons are provided as to why the players in the markets should engage in the transactions of probabilistic rights but also why markets for patents are an imperfect solution—why they are, like other existing markets, far from achieving an ideal state. Small numbers, limited and imperfect information, unknown price, value uncertainty, and high transaction costs are the main reasons why the market for patents is largely imperfect and inefficient.

Keywords: Market for patents; Imperfections; Patents; Markets (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-10310-0_3

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DOI: 10.1007/978-3-031-10310-0_3

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