EconPapers    
Economics at your fingertips  
 

The Value of European Patents

Alfonso Gambardella, Dietmar Harhoff () and Bart Verspagen

No 6848, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: This paper employs data from an extensive European survey to produce one of the first systematic assessments of the private economic value of patents. The estimated mean of our patent value distribution is higher than 3 million Euros, the median is about one-tenth, and the mode is around a few thousand Euros. This is in line with previous findings about the skewed distribution of patent values. Our measure is significantly correlated with the number of patent citations, references, claims, and countries in which the patent is applied. Citations explain value as much as the other three indicators combined, and the right tail of citations is correlated with the right tail of our value measure. Yet, the four indicators only explain 2.7% of the variance of patent value. Thus, while the use of these indicators as proxies for value, particularly citations, may be justified, predictions based on these indicators carry significant noise. After using country, technology, and patent class fixed effects, we only explain 11.3% of the variation in patent value. The "measure of our ignorance" about patent value is still sizable, which calls for additional research to fill the gap.

Keywords: intellectual property rights; patent citations; patent claims; patent references; patent value; patent value indicators; patents (search for similar items in EconPapers)
JEL-codes: L20 O31 O32 O34 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-eec, nep-ino, nep-ipr and nep-pr~
Date: 2008-06
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (125) Track citations by RSS feed

Downloads: (external link)
http://www.cepr.org/active/publications/discussion_papers/dp.php?dpno=6848 (application/pdf)
CEPR Discussion Papers are free to download for our researchers, subscribers and members. If you fall into one of these categories but have trouble downloading our papers, please contact us at subscribers@cepr.org

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: https://EconPapers.repec.org/RePEc:cpr:ceprdp:6848

Ordering information: This working paper can be ordered from
http://www.cepr.org/ ... ers/dp.php?dpno=6848

Access Statistics for this paper

More papers in CEPR Discussion Papers from C.E.P.R. Discussion Papers Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
Bibliographic data for series maintained by ().

 
Page updated 2019-10-09
Handle: RePEc:cpr:ceprdp:6848