A New Empirical Index to Track the Technological Novelty of Inventions: A Sector Level Analysis

Yuan Gao and Emiliya Lazarova
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Yuan Gao: School of Economics, University of East Anglia

No 2022-08, University of East Anglia School of Economics Working Paper Series from School of Economics, University of East Anglia, Norwich, UK.

Abstract: We propose the Knowledge Origin Re-Combination Index (KORCI) to measure the ex-ante technological novelty of inventions at the sectoral level. The index is developed through the intertemporal comparison of a sequence of networks, which represents the complex 10 connections between the technological components listed in subsequent cohorts of patent applications in the sector. Using patent data from three sectors, we are the first to document the cyclical nature of the evolution of ex-ante technological novelty. Further investigation into the correlation between KORCI and patent application growth rates suggests that this relation, however, is sector-specific. This suggests that the relation between the degree of ex-ante 15 technological novelty and invention activities depends on the specific drivers of innovation in the sector – whether it is process-based or application-based.

Date: 2022-10
New Economics Papers: this item is included in nep-ino, nep-ipr and nep-tid
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